In addition to administering the scheme, employers have a crucial role to play in helping members understand their pension provision and in making them aware of the benefits of the TPS throughout their careers.
This includes:
- Ensuring members are kept informed of any changes to the scheme that may affect them.
- Providing information to new appointees such as the Scheme Guide, relevant fact sheets and by encouraging members to access information on the TP website.
- Ensuring new appointees are aware that previous pension provision may be transferred into the TPS within one year of taking up their appointment.
- Educating members on options for planning how and when to retire, e.g. how new average salary calculation or phased retirement might support them winding down towards the end of their career.
- Making members aware of options to increase their pension such as by buying AVCs or purchasing additional pension in the TPS.
- Encouraging members to periodically review their pension position by for example, making them aware of the pension modellers on the TP website.
- Promoting the value and benefits of the scheme by for example, showing the value of employer contributions on payslips.
- Ensuring members choosing to opt out of the TPS are aware of the benefits that they are giving up.
- Ensuring members are aware of the need to register their unmarried partner with TP, if they want benefits to be paid to that partner after their death.
- Making members aware of what happens to their pension when they are on leave of absence.
- Informing leavers of their options by for example, providing a copy of the Leaving pensionable employment fact sheet.