Pensions administration is often dismissed by the uninitiated as ‘the easy bit’ but the experienced hand will know that truly effective administration is only achieved through investing in people, technology and processes. You really do get what you pay for.
Administrators who sit at the better end of industry practice know that continuous improvement, and therefore investment, is key to maintaining the high standards demanded by clients who genuinely want a well-run scheme.
In today’s regulatory environment it is vital that all aspects of administration, including governance, do not leave scheme trustees and managers exposed to compliance breaches and fines. Protecting data, keeping accurate records, training and knowledge, and paying benefits correctly are major considerations.
Member services and communications are also of paramount importance. We are firm believers that great communication lies at the heart of great service, and the service delivery approach needs to reflect this. Frontline services should be easily accessible, timely and engaging so that members’ interactions are positive experiences.
Drawing on our extensive experience of the market and expertise in running very large schemes (both in-house and via third parties), we can help you:
- Review your pension administration team and service delivery model (both in-house and third parties), covering all aspects from the range of services and capabilities to system platforms and operational risk.
- Identify, evaluate and implement the right administration provider and arrangements that work best for you. We can support the selection and negotiation process, and work as part of your team to move services to a new administrator.
- Review how you use technology and support the implementation of solutions which meet your requirements. We can help you introduce changes that will further improve the performance of your administration function or provider.
- Review any pension communication providers you may use and to recommend providers that fit your needs. We can also help develop engaging member communications.