For various reasons, some firms are struggling to provide high quality pension administration services at a reasonable cost.
There is anecdotal evidence, that some schemes are seeing their costs rocket whilst members are facing delays of months before getting information they need at a time where certainty has never been more important.
For some, the argument is made that this could be resolved by more centralization, more consolidation, and more automation. However, we believe, that, if anything, this is the cause of some of the issues we are seeing and that, for smaller schemes, bigger is not better.
Instead, smaller scheme specialists can provide a more personal administration service at a lower cost, shown by;
Lower predictable costs: the 11th annual survey of Defined Benefit (DB) pension scheme costs by KGC associates shows small DB pension schemes continue to be overcharged by the big providers with the average administration cost per member being 190% higher than the costs charged by small scheme specialists.
Better member experience: throughout lockdown and into the present, we have continued to deliver to a ten working day Service Level Agreement and get excellent member feedback with ‘responsive/helpful/speedy/polite’ featuring prominently
More personal and more transparent: All our clients have a named, experienced client manager/Actuary who provides regular reporting and is always available to answer questions. So it is clear who our clients need to speak to.
Come and join our family and have the benefits of lower costs with greater personal care and attention for you and your members.
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