The financial and legal obligations associated with public service schemes are onerous: has your business addressed these risks?
When a business provides services to the public sector, it is often necessary to participate in a public service pension scheme. Such schemes include the Local Government Pension Scheme, NHS Pension Scheme, Principal Civil Service Pension Schemes and Teachers’ Pension Scheme as well as other similarly structured schemes that might apply to your business.
To be admitted to any such scheme, a business is required to enter into a formal agreement (usually referred to as an admission agreement) with the scheme managers. Reviewing and negotiating routine ‘business-as-usual’ pension admission agreements can be a burdensome exercise and can sometimes be neglected altogether.
Not undertaking a proper review could cause your business to be committed to an agreement without knowing the cost.
Costs include:
- Increased employer contribution rates; and
- Exposure to payment of additional lump sums – payable under the scheme rules under certain circumstances.
Let streamline help you
Streamline is a fully outsourced contract review and negotiation service tailored to your business requirements and is designed to ensure you fulfil your contractual obligations. It manages every aspect of the admission agreement process from start to finish with guaranteed quick turnaround times – all at a low fixed price. We are able to offer streamline on an annual subscription, full service basis or as a pay-as-you go service that allows you to select the services that you would like to add-on to the initial admission agreement review. Provide you with a streamline report in 5 working days detailing:
- Key findings and conclusions
- Key obligations and areas of risk and guidance
- Corrective amendments or actions
Includes reviewing the other side’s mark-up and liaising directly with your business to obtain instructions. Once concluded, a final admission agreement provided for your sign-off in line with the recommendations in the streamline report.
