Managing your pension scheme properly can result in two major cost saving initiatives. Firstly, the actual cost of administering the pension scheme can be greatly reduced in almost every case and secondly, improved investment performance can reduce funding costs significantly over the years.
Our dedicated team can help you control costs by negotiating competitive cost charging structures with providers. Recent experience has resulted in savings of up to 40% for some clients.
Our team of Investment Specialists can also assist Trustees formulate an appropriate investment strategy and with our range of investment strategies on offer, including alternative investment products, Trustees can further diversify and manage investment risk.
Full details on each of our services:
Ensuring your employee benefit package is compliant with current legislation is essential. We will advise you with all the necessary requirements along with market place comparisons to ensure that your plan meets the needs of your employees.
Important factors to consider which affect the scheme design include:
- Eligibility rules
- Contribution rates
- Retirement ages
- Investment style & approach
- Life Assurance & Disability Benefit
Guidance through the difficult areas associated with Defined Benefit is crucial to Trustees and Employers. We have an extensive knowledge in the area of Defined Benefit Pension Scheme. A review of such arrangements is commonplace, but seldom does such a review take into consideration all of the aspects which are affected.
Our dedicated team of advisers can provide a review service for defined benefit arrangements for MBOs, acquisitions, succession agreements and cost-cutting exercises.
Our team can provide advice to employers wishing to introduce a defined contribution scheme to employees. We also provide efficient, cost-effective administration of such schemes.
We provide external independent actuarial services for the following requirements:-
- Triennial actuarial reviews
- Funding reviews
- FRS 17 requirements
- Third party funding & scheme analysis
- Pensions due diligence for mergers/acquisitions
We will ensure that the Trustees and Employer are compliant with all of the legal requirements, both at the initial design stage and continuously throughout the schemes lifetime. This will include the drafting of Trust Deed and Rules along with Scheme Booklets and all member communications.
Individual retirement planning
We understand that the needs and aspirations of each member are different. Each and every member will have the opportunity to carefully plan his or her future retirement and will be supplied with the right information and advice necessary to do so.
Members will be provided with actuarial calculations of the expected retirement income, the impact of additional funding through AVCs along with the funding cost of early retirement if required.
We will provide complete administration services to all types of pension arrangements including defined benefit, defined contribution, hybrid schemes and executive retirement plans.
Most aspects of a company’s business are regularly audited and potential risks and liabilities identified. A company’s pension scheme is rarely subjected to such scrutiny.
We have developed a pension audit service which reviews in detail all of the related aspects and reports back to the Trustees / Employer with the results and recommendations.
Service level agreements
We have Service Level Agreements with a number of insurance companies which is monitored by our clients and ourselves. If the service to our clients is not as agreed in the Service level Agreement a penalty will be applied to the supplier. Fixed turnaround times are agreed for standard administration procedures etc. Further details will be made available at a later date.
Trustee Training courses are held periodically during the year and invitations in this regard will be issued. The Trustee Training courses are designed to make new or existing Trustees aware of their obligations in line with current legislation.
To find out how you can make significant cost savings and broaden your investment portfolio, contact a member of our wealth management team.