Once you have decided on the type of DC arrangement, choosing the provider to deliver it is the next critical decision. Products and features can be very different from what, on the face of it, are similar offerings. This is especially true for Master Trusts, where future sustainability is also a critical consideration. A detailed and independent knowledge of the whole market place , and what features impact member outcomes, is vital when selecting a provider. We will use our considerable experience in both selecting providers and in designing products, to ensure that your chosen offering meets your needs. We can then provide a full project management service to assist in the implementation .

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Whilst the cost benefits of changing scheme type or provider may be substantial, it may just be that tweaks to your existing arrangement are all that are required. For ‘unbundled’ schemes where the company bears the costs of administration, we can help you consider the ways in which employer costs can be reduced for both active and deferred members to make the arrangement more sustainable. These can include the introduction of additional member charges or transfers to a Master Trust. For ‘bundled’ schemes, negotiations with the provider can often result in a reduction in charges especially if they haven’t been reviewed since the start of the scheme. Our experience and senior provider contacts will help you with this.

A (if not the) major influence on the size of an eventual pension pot is the level of contributions that are paid in. This is strongly impacted by the structure of the contributions and how they are communicated. We can work through all of the contribution structure options and, importantly, demonstrate the impact each will have both on the company’s pension costs and members’ eventual retirement benefits. This will help you find an appropriate balance between these two usually competing factors.

DC investment strategies and performance is one area that many involved in pensions get very excited about but what is all too often overlooked is that the investment strategy needs to be able to be administered and communicated to members. We can help you design an appropriate investment approach, choose a default or provide a practical perspective on any formal investment advice that you may receive. Either way, we will ensure that it actually adds to the value of your scheme and doesn’t cause administrative or communication issues down the line.

Whilst most pension professionals have embraced the idea of pension freedoms, many members do not fully understand their options and the implications of their choices , so it’s important that members are given all information regarding, and ease of access to, the options now available to them. We can talk you through these options, their differences and the requirement of the underlying administration and payroll systems needed to provide them. We can also help you determine the most appropriate options to make available from within your current arrangement and which are best suited to provision by a third party. We can then help you design and implement those options and help you select ‘preferred’ providers as needed.

We can help you consider the different approaches to scheme governance including the use of independent trustees , the extent of required compliance with The Pension Regulator’s DC Code of Practiceor the use of a governance committee in a contract based arrangement. In addition, we can assist in the use of sub-committees and their roles and responsibilities plus overall Terms of Reference . We have been at the forefront of developing answers to these issues for more than 20 years and can apply this experience directly to your circumstances to get the approach that works best for you.

Read more about our DC Governance services