The key objective when setting up YIP was to provide employers and employees with a scheme that was accessible – in terms of cost and ease.
The main reasons given for not providing a pension are typically the cost or the burden of running it – so that was where we wanted to add value and provide something simple and affordable.
YIP has now been live for more than eighteen months and in that time we’ve:
- processed more than 800 employer applications
- launched more than 600 employer schemes
- setup more than 3,500 active members
- received and invested more than £4 million from contributions and transfers
The final operative date is October 2025 and following this, all local employers should have a suitable pension in place for their employees. It is expected that the rest of this year will remain extremely busy processing new applications and setting up new employers schemes, and beyond that we are starting to see local businesses who already have a scheme in place, reviewing their options based on value for money and ease of ongoing operation.
Employer feedback has been very positive with 95% of employers surveyed saying that:
- the application is easy to complete and understand
- the onboarding process is simple and easy
- they would recommend YIP to others
In addition to the above we obtain customer satisfaction feedback following individual transactions and engagements with users and from that we have received the below:
- 43 out of 10 for level of service received
- 57 out of 10 for level of support received
- 48 out of 10 for needs being met
- 45 out of 10 for likely to recommend
- 75 out of 5 for overall rating
The above is a strong indicator that YIP is meeting its objective of being an easy and simple solution for employers and members. In terms of affordability, there are no fees for employers and employees pay a flat 1.00% annual management charge with no additional transactional fees for usual chargeable events such as transfers in/out, taking benefits etc.
If you are a local employer who doesn’t yet have a scheme, or you have an alternative scheme but want to see whether you could be better off using YIP, please get in touch – yip@sovereigngroup.com
