Deloitte recognized as a global leader in Retirement Benefits Consulting by ALM
NEW YORK, NY, USA, 18 May 2018—Deloitte announced today that ALM Intelligence has ranked it as global leader in the report, entitled Retirement Benefits Consulting 2018. On Retirement Benefits consulting, Matthew Merker, Senior Analyst, Management Consulting Research at ALM, highlights, “Deloitte’s advisory in the retirement space for both employers and providers of benefits gives the [network] a comprehensive perspective on trends and services that resonate in the market. The [network] provides a total rewards perspective for retirement benefits, alongside health, compensation and employee experience transformations. They also provide tailored retirement benefits solutions.”
“Today, changing employee needs, longer lifespans, financial risks, and an evolving regulatory environment are creating significant retirement related challenges for both employers and providers that must be addressed,” said Jason Flynn, Deloitte Global Rewards Leader. “Against this backdrop, Deloitte is steadfastly committed to bringing clients to a wide range of both traditional and innovative solutions focused on helping them achieve optimal outcomes for their employees and customers.”
The report lays out the opportunities and challenges for Retirement Benefits consulting providers focusing on market trends, client spending trends and forecasts, and the provider landscape, and includes profiles of select key organizations.
According to ALM, Retirement Benefits consulting services are defined as “advisory services that revolve around defined benefit and defined contribution plans. Additionally, as this benefits space continues to evolve, other factors such as financial wellbeing and employee experience are included in the firm assessments.”
“While traditional pensions remain in decline and the associated service delivery model has been stagnant, Deloitte UK is focused on helping transform the retirement marketplace,” added Mark McClintock, lead partner, Deloitte Pensions Services Limited (UK). “Leveraging our deep actuarial, investments, and administration experience, and driven by a culture of innovation, our Deloitte Master Plan offering enables Deloitte UK clients to drive economies of scale and enhanced governance as they manage their ongoing pension costs and risk.”
- “Deloitte’s retirement consulting service offerings are found within the [network’s] Human Capital practice. The [network’s] Retirement and Wealth service offering integrates elements across the human capital advisory capability for both employers and providers, including actuarial, analytics, research, transformation, and organizational design.”
- “Deloitte approaches retirement as part of its holistic rewards management service offering, encompassing compensation, benefits, well-being, and employee experience. The [network] works with clients to provide transformation from a total rewards perspective, but also provides tailored capabilities specific to retirement in the defined benefit and defined contribution space.”
- “Deloitte frames its retirement consulting advisory around several key issues clients are currently facing in the space. These include pension de-risking and cost management, risk and compliance, financial wellness, and employee experience. Through these lenses, Deloitte offers services in strategy, cost reduction, process improvement, risk management, digital, and employee education, among others. Within the DB space, Deloitte assists clients in transitioning from legacy DB plans to DC, providing de-risking advisory and creating avenues to exit the DB space completely.”
- “Strategy in retirement benefits is guided by the [network’s] extensive research into current market trends, utilizing its Bersin research division to identify best practices and integrate them into clients’ plan designs and service delivery approaches.”
- “The [network] provides strong advisory in this area for DB/DC transitioning clients that are seeking to evolve their retirement plan to be more cost effective, as well as those seeking to integrate legacy employees into new retirement plans as a result of M&A activity. Within the DC space, Deloitte provides plan design, vendor management, governance, and communications strategy to assist clients in continually evolving their retirement offerings to remain current and appealing to workforces. As responsibility continues to shift from the employer to the employee, Deloitte pays particular attention to the financial wellness aspect of retirement. To that end, the [network] provides communications strategy and education advisory for clients, improving employee engagement in and awareness of benefits to improve retirement readiness.”
- “Deloitte’s strong understanding of benefits processes and the use of digital tools to optimize operations provides clients with increased transparency and control over execution, able to focus on more strategic initiatives as standard operations are increasingly automated.”
- “Deloitte’s advisory work in the retirement space is complemented by a robust series of solutions and digital tools to enable clients to better understand and manage their benefits programs. These include Exponential Actuary, a series of analytical tools and approaches that allows actuaries to focus on higher level strategic initiatives, and DPeARL, a cloud-based benefit consolidation tool that allows for easy financial monitoring and compliance reporting.”
- “Deloitte also recently completed a strategic acquisition of a Rewards Optimization tool, intended to help employers understand their employees’ unmet needs and gather input to drive more employee centric total rewards designs.”
- “With a strong resource optimization capability, Deloitte is well positioned to assist clients in effective use of those resources to effect transformation, either strictly internal or the result of M&A activity.”
As used in this press release, “Deloitte” refers only to the Deloitte Touche Tohmatsu Limited member firms and their affiliates.
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