Why Is a Pension Scheme Adviser Review Important?
Over time, pension scheme requirements change and provider markets continually evolve. As part of a good governance strategy, it is imperative that all existing scheme service advisers are reviewed and assessed regularly. Pi Consulting’s pension review service helps forge an understanding of how individual advisers contribute to scheme governance and which responsibilities each one has. Our specialists will deploy our pension review services and assist in the assessment of current adviser roles with the aim of better improving scheme performance.
Pi Consulting’s pension review service leverages our extensive market knowledge, independence and experience. We will work together on all levels to ensure that you have an excellent working relationship with the pension scheme advisers you employ.
Our independent pension consultants will support you through the assessment process efficiently and cost-effectively.
How can our pension adviser review and selection services help your business?
Pi Consulting’s independent consultants 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 and cost effectiveness of your current advisers.
This service evaluates the operational efficiency of your current pension administration service – whether provided in-house or outsourced to a third party administrator. It can help to improve service delivery and provide an objective and practical overview of the current service. Our operational assessment services can include time spent on-site 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 any issues.
Our pension scheme consultants can assist in selecting a new pension scheme service provider or adviser for your business. Different advisers and companies will have varying costs and cultures, and Pi Consulting can help you outline what is most important for your pension scheme. We will help you to establish a suitable shortlist of advisers, undertake the procurement process and help you to select the pension scheme adviser, best suited to provide the service and expertise you need.
Our pension scheme adviser selection services focus on finding the right people, ethos, systems, fee structures, location and size for you.
If you are looking to move your pension scheme administration to a third party administrator from in-house administrator team, this can require additional planning and the need to ensure areas such effective knowledge capture are undertaken before any potential outsourcing is considered. Pi’s independent pension consultants have specialist knowledge and the practical experience to ensure that potential outsourcing is considered fully and all aspects covered prior to any such move, including the potential for TUPE of the existing team, or the option of supplementary keyman risk cover.
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 clear of any possible conflicts of interest. We provide independent support for 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.
Whichever pension adviser review service you require, Pi Consulting will provide detailed project management updates and robust audit trails to support your decision making process.
If you have any questions or queries about our services, get in touch with our team today.