One of our core tenets is that we provide value for money and transparency by charging our clients an all encompassing fixed fee where we only ever charge additional fees for one off project work (such as GMP equalisation) or where the value of the exercise may not offset the fee in some circumstances (such as certifying deficit reduction contributions).
We believe in providing our clients with a personal service which helps us to understand their needs and, therefore, where we can add value.
Our costs will depend on the nature of the schemes, its membership and precisely what is included;
- Pension administration
- Pensioner payroll
- Preparing financial papers and scheme accounts
- Actuarial valuation and updates
- Actuarial consultancy
- Investment consultancy
- Pension Secretarial
- Pension Governance
However, we believe it is helpful to provide a summary of what we have charged our clients (excluding project work such as GMP equalisation and supporting schemes to buyout) over the last 12 months.
As an example as to how we think about project work, for GMP equalisation we have a 5 stage process to which we apply the following rules of thumb;
|Estimate of costs
|Up to £1,000 depending on size of scheme
|Collate, review and improve data
|£1,500 plus £35 for each member in scope
|Analysis of options and calculations
|£5,000 plus £25 for each deferred member, £75 for each pensioner and £200 for each deceased member/transferred out member in scope
|Up to £5,000 depending on size of scheme and whether legal advice is sought
|£1,500 plus £30 for each deferred member, £50 for each pensioner and £200 for each deceased member/transferred out member in scope
For larger schemes, we are able to group the members and carry out the calculations more efficiently and there can also be savings if we carry out the exercise alongside the implementation stage for new clients.