Sometimes things just don’t work or hang together. It isn’t that organisations are doing a bad job, it just isn’t working properly. We are often asked by clients to help make it work better. Our stance is always to seek to rebuild relationships rather than simply change them.
There are different elements that go into running a pension scheme and it is important these work in harmony. Often we see overlaps, disconnects and gaps which lead to doubling up and things slipping through the gaps. This leaves our clients exposed to risk and/or paying twice. Our aim is to reduce the risk of gaps and reduce costs as roles and responsibilities become clearly defined.
Case Study – Client Financial Sector
Our client has a dual sectioned scheme with DB and DC sections. The scheme was administered by different providers for DB and DC which lead to issues for members, the employer and the trustees. We were called in to provide assistance and to ensure the relationships between the different providers, the employer and the Trustees improved and to achieve this we carried out an audit and reported back to the Trustees.
As a result of the audit and our recommendations, practices and processes were changed. Each provider had clarity of its roles and responsibilities, the employer instigated clearly defined amended processes that no longer caused confusion. The Trustees agreed to amendments in the way DC records were held, eradicating the shadow records the DB provider had been obliged to hold, this in turn reduced confusion and costs. Members no longer received two sets of retirement information as the providers now conferred when members with both benefits retired.
The audit process ironed out duplications, improved the communication and flow of information between all parties and lead to an improved service for the members.
‘The trustees of The Dun & Bradstreet fund worked with KGC on a significant project to streamline the administration and operating risk within the pension plan. This has had extremely positive results in removing risk and cost from the plan. The project was run on a very professional basis and to tight time-lines and the trustees view it as having had an extremely successful outcome’.
Garry Kent, Secretary to the Trustees – D&B