One in six employers have never reviewed their workplace pension scheme, Everywhen finds

One in six employers have not reviewed their workplace pension scheme to check whether it offered value for money, research from Everywhen found.

The research found that 11% had never carried out a review, while 5% did not know whether one had taken place.

Almost half (48%) had reviewed their scheme within the previous 12 months and 36% had done so within the previous three years.

Sorangi Shah, client director at Everywhen, said: “It is unsettling to know that there are so many pension schemes that have never been reviewed to ensure they offer good value. 

“A pension scheme appraisal should take place at least every three years and it is vital that this covers many aspects of review, including costs.”

Everywhen said employers should assess costs, charges, investment performance, member engagement, digital tools and links with payroll and benefits systems.

Brand reputation and costs and charges were the main factors when employers chose a pension scheme, both cited by 31%.

Ease of setup and ongoing management was cited by 27%, while investment options and payroll or HR integration were each selected by 23%.