Pension Scheme Adviser Review and Selection Service

As pension schemes change over time it is important to reassess whether your adviser is still delivering the service you require in a cost effective manner.  

As independent consultants we can complete a detailed market analysis to compare your existing service providers against their relevant peer group. 

Reviewing current pension arrangements and benchmarking adviser contracts allows the Trustee Board to gain clarity on the service scope, an update on the wider market developments and a review of costs. This can help provide a foundation for future contract negotiations, whether for relooking at fixed fees versus time cost options or for standalone projects such as GMPe and risk broking.

Good administration is the foundation of your pension scheme governance. It directly impacts on your members and is the operational face of the Trustee Board.

Changing an administrator can be a costly and complex exercise which is why our operational review service will work with you to understand and rectify, where possible, any current issues. Our experienced team can review your administration whether provided in-house or outsourced to a third party administrator. This can help improve service delivery and provide an objective and practical overview of the current service.

Our operational assessment services can include time spent with your administration providers to help review and develop the service to fully meet the long-term needs of your pension scheme. We will aim to deliver clear and measurable outcomes, including appropriate mitigations and an agreed project plan to rectify issues.

Ongoing consolidation amongst pension advisers and Master Trusts, together with changes in requirements as schemes mature and issues with the existing supplier, can all lead to the need for change. We work with you to understand your strategic requirements, your culture and your budget.

Our in-depth market knowledge, combined with our 360 degree perspective of advisers means we can help you establish a suitable shortlist, undertake the procurement process and help in the selection of a provider best suited to provide the service and expertise you need.

We can deliver all elements of the service or work with an in-house procurement department to ensure compliance with all of the relevant corporate requirements. This includes data security and specific contractual elements.

With increasing governance demands, a need to manage succession planning and the increasing maturity of pension schemes, employers and Trustee Boards are increasingly looking to move their in-house pension scheme administration to a third party administrator.

As independent advisers, we can develop a suitable transition plan which can include: an assessment of the current service to help understand the risks of transition; the best home for your in-house team; and how processes are documented to ensure there is effective knowledge capture as the first stages. We ensure that any potential outsourcing decision takes into account all possible consequences prior to any such move.

We provide specialist project management to help facilitate the most efficient transition from one provider to another.

Our support is based on our extensive practical experience of managing transition projects, our knowledge of the adviser market and our ability to act free of possible conflicts of interest.

We provide independent support to the trustees to help smooth the transition and intercede, where necessary, between the incumbent and new provider to ensure any issues are resolved as quickly as possible.