Pension schemes and companies wishing to outsource aspects of their pension provision have many different options in the market to choose from. Each provider will have their own specialisms , expertise and experience, so it’s important to select one that fits your specific requirements , to ensure they offer the most appropriate level of service and value for money.
Isinglass have developed a rigourous approach to reviewing and selecting providers which included detailed questionnaires tailored to focus on your requirements and detailed and up-to-date knowledge of all areas of the market, meaning that we can quickly narrow down the market to a shortlist of viable candidates.
Master Trusts are the hottest ticket in town in the DC world at the moment, but with many more than 35 Authorised DC Master Trusts in the market, deciding whether a Master Trust is the right option and if so which one to select is not to be taken lightly.
Isinglass have vast experience of all aspects of considering, selecting and implementing master trusts.
There may be a number of reasons why companies wish to retain governance of their DC arrangement through their existing trustees, but would like to remove the costs of a Third Party Administrator, or simply get a better overall deal . Bundling administration, investment (and perhaps communications) together from a single provider can make a lot of sense and increase cost and practical efficiencies. However, there are many potential providers each offering different propositions, charges, investment ranges, levels of quality etc. So, picking the right provider is critical.
Isinglass can help you agree and prioritise your specific requirements and will then incorporate these into a wider set of selection criteria which might cover areas such as:
- Investment options
- Quality of administration
- Member communications
- At retirement options
- Reputation /brand of the provider etc.
Isinglass can then recommend a shortlist of providers to which a detailed RFP can be sent. Isinglass can then either recommend a single provider or we can can organise and run a beauty parade or site visits.
Third Party Administrator
Outsourcing administration or changing your existing third-party administrator is most definitely not something to be taken lightly. However, the benefits of doing so can be huge .
DB administration is coming under immense scrutiny in terms of cost and efficiency as it increasingly becomes a legacy benefit and this market is becoming increasingly competitive as a result.
DC administration similarly has increased both its efficiency and product offerings recently and what was state-of-the-art just a few years ago now lags significantly behind the latest offerings. This is particularly case in relation to member online access, the offering of pensions freedoms and Straight Through Processing capabilities.
Our tried and tested pproach covers all aspects of administration, combined with practical experience of actual delivery.
DB fiduciary manager
As DB schemes increasingly become legacy benefits and all concerns aim to have the scheme fully funded on a self-sufficiency (or even full buyout) basis as part of the long-term recovery plan, the role of the investments becomes critical .
It is becoming increasingly hard for trustees to provide sufficient levels of investment governance and monitoring of assets for them to be confident of achieving their aims. Delegating this day-to-day level responsibility to a fiduciary manager is seen by many as the clear next step in the evolution of the scheme.
However, there are many products and approaches in the market and selection of a fiduciary manager requires an independent perspective particularly as a number of investment consultants also provide their own fiduciary management product. Isinglass can provide that independence combined with detailed knowledge of the managers products and approaches.