Defined contribution pensions consulting

We will work with you on all aspects of scheme design, from scheme type to features such as contribution options, investment strategy and pension salary sacrifice. Insights from our data analytics approach support our scheme design advice.

Whilst recognising regulatory ‘encouragement’ that smaller own trust defined contribution schemes not providing value for members either improve or consolidate, we are agnostic of scheme type and will support your preference for provision.

Whatever type of DC scheme you use, you should regularly review the arrangements (see Check). Should you wish to change scheme type or the pension provider you use, we can support you with the considerations; e.g. review of scheme design, provider selection, transfer of assets and subsequent wind up.

There are many moving parts to practical delivery of the transition but our experience will lessen your resource demands and the potential risks, whilst our collaborative approach will ensure you remain fully involved in the strategic decisions.

The Government is encouraging smaller own trust schemes to consolidate to improve member outcomes, and has plans to look at the opportunities for greater consolidation of larger schemes. Should you wish to consider consolidation, we will help you successfully navigate through the various potential challenges.

Our independence is a key strength, and sets us apart from many of our competitors. It enables us to research and consider the whole provider market with complete objectivity, so you can be assured that our advice is conflict free. We will recognise your aims, objectives and red-lines, and will have the best interests of your members at heart, in providing our recommendation of suitable providers.

Our normal approach would be to facilitate presentations to you by shortlisted providers, and thereafter help you with considerations for your selection decision.

We will oversee the implementation of the scheme and any subsequent asset transfer to ease your resource demands, leveraging the provider’s project management services in those areas available for your cost efficiency.

Your scheme’s investment framework should be tailored to your members’ likely needs, and our data analytics provides these insights. Key to the framework is the default strategy; this should be suitable for your typical member, both in the growth phase and in the approach to retirement age. Wider options should cater for targeting specific retirement options, special interests and those members who wish to take a more hand-on approach. Of increasing prominence are the consideration of environmental, social and governance (ESG) factors and post-retirement investment options for drawdown funds.

Changes to investment strategy and bulk transfers require careful oversight in their delivery, including consideration of transition options to mitigate transaction costs and ‘out of market’ risk. Our DC consultants are supported by our team of investment experts, giving you access to specialists to meet any sophisticated investment needs you may have.

More about our DC investment service

Good outcomes from DC arrangements require members to engage and make appropriate choices at key stages in their retirement savings journey, e.g. deciding to join/stay in, how much to pay in, where to invest and when and how to access pension savings. Effective communications will target specific cohorts with appropriate messaging in an engaging and jargon-free way at the right time and in an accessible format.

Using our digital analytical tools, we can help you to identify areas of engagement need, and to measure the effectiveness of any campaigns delivered. Our specialist in-house creative agency, Drumroll, can support you with a fresh, tailored approach to member communications.

MORE ABOUT OUR COMMUNICATION SERVICES

The at-retirement options and framework to support members in making appropriate decisions on when and how to access their pension savings is vital. Value built up over many years of saving can quickly be reduced by members choosing retirement options that, for example, result in high tax charges, uncompetitive annuities and unsustainable drawdown withdrawals.

We can help you to ensure your DC arrangement has a robust at-retirement solution in place, such that your members feel supported and are well-placed to achieve good outcomes.