Pensions management

Case study: seconded support

Client: global mining group with multiple open DB & DC schemes covering over 25,000 members and £4bn assets in the UK.

Objective: PSGS acts as scheme secretary for 3 DB schemes and provided additional support with 1 day a week secondment.

What we did:

• Trustee secretarial - arranged pension trustee meetings, reviewed minutes, progressed actions arising, liaised with key internal stakeholders and advisers, ensuring the trustee remained compliant with relevant statutory and regulatory requirements including an annual internal controls review.
• Pensions administration - reviewed and tested member websites, benefit calculations and pension contributions.
• Communications - updated internal employee communications such as new joiner packs, information guides and relevant forms.
• Projects - arranged and oversaw a financial education taster day for employees.

The result: our client's culture was very welcoming and collegial. Their HR and wider business teams encouraged our seconded staff to ask questions to develop technical knowledge of their pension schemes. Experience of working in-house enabled us to maintain valuable knowledge of how open pension schemes operate from the company’s perspective.

Case study: outsourced pensions management

This case study looks at how one PSGS client combined both their pension manager and scheme secretary roles in one person and covers the benefits from having this type of easy, cost effective access to pensions expertise.

Benefits of working with PSGS’s pensions management team

• expertise of experienced pension managers without the big consultancy cost
• assurance your procedures meet good pension governance and internal controls standards
• certainty deadlines will be met
• comfort nothing falls down the gaps between you, your pension adviser, your scheme, your payroll and other parties
• confident of a ‘business as usual’ service no matter what happens to an individual team member our team approach & formal procedures remove succession and key man risks