Pensions Administration has been saved
Our dedicated pensions administration team delivers the full range of pensions administration services to defined benefit and defined contribution scheme trustees, either on a stand alone basis or as part of a package of trustee services. We also provide pensions administration consultancy services covering process design and administration systems technology.
Ongoing Administration Services
We have been providing the full range of pension administration services to a portfolio of defined benefit and defined contribution schemes in the UK since 1997. We offer a holistic approach to the provision of pension administrative services with the following services all being delivered by a single team based in one location:
- benefit calculations;
- annual benefit statement production;
- bank account management;
- fund accounts preparation;
- pension payroll.
While many of our competitors are adopting a call centre approach to administration with back room processing quite often from multiple sites, some of which may be outside the UK, our commitment is to a one site Centre of Excellence based in the UK.
Pension Administration Consultancy
As well as providing services to our own portfolio of clients, we also offer administration consulting services on a broad range of issues. We understand the issues that administrators and trustees/companies face and apply this knowledge to carry out reviews of existing procedures and projects. We combine this with the breadth of potential expertise available from the broader firm to enable us to provide valuable insights and recommendations on services including the following:
- Quality review of existing third party administrator - we can assist trustees with reviewing the controls and procedures in place with their current administrators, including a full report on the quality of their controls and recommendations on areas for improvement.
- Internal review of processes – we can carry out a review of processes and procedures of in-house pension teams to ensure that they are: operating efficiently; operating in-line with industry practice; legislatively compliant; fit for purpose.
- Review of calculations of third party administrators – as a one-off project, we can carrying out a review of the calculations performed by third party administrators to check for accuracy and to ensure the benefits are calculated in line with the Trust Deed and Rules.
- Administration outsourcing review – we can provide independent administration consulting services to either the company or trustees in reviewing the in-house pension services, with a view to assisting the company and/or trustees in deciding whether they should outsource the administration to a third party. If the decision is taken to outsource we can run the tender process through to selection of the provider, project management of the outsourcing process and assist with set up systems and procedures for the ongoing administration.
Specialist Pensions IT Services
The quality of data has an impact on many aspects of pension scheme management for both employers and trustees - efficient day-to-day administration of the scheme, triennial actuarial valuations (and in particular the liability assessment), FRS17, enhanced transfer values, pension increase exchange, buy-out, wind-up, Pension Protection Fund assessment and pension surrender exercises. Our specialist Pensions IT team can assist trustees and employers in the following areas:
- Pension scheme transitions - execution and management of data transitions from one system to another;
- Pension administration system data audit work – TPR data analysis, validation and cross validation of pension scheme data, pension scheme data ‘gap’ analysis;
- Pension Administration System Subject Matter Expert (SME) - providing process and procedure reviews relating to the interfaces between systems, maintenance of data and effective administration.