Research conducted by Aon has found that 70% of companies feel that decisions on defined benefit pension arrangements sometimes take months to be implemented following the point of being raised.
In addition, 60% think that there are often items on the agenda at trustee meetings that do not require decisions, while 40% believe that they are unable to consider new opportunities at short notice.
With senior company representatives and trustee boards increasingly spending time on lower level decisions relating to pension arrangements, less time is available to focus on strategic direction and achieving meaningful results.
Larger organisations often rely on subcommittees, company pensions managers or HR resources within the business to support the company’s pensions strategy and to take lower level decisions on behalf of the trustee boards or employers. However, in many cases, small and medium sized businesses do not have the resource available for this support.
This is where Implemented Consulting can help. Developed by Aon to support clients in delivering more from their time and budget on pensions, the framework allows trustees and companies to set high-level guidance and then use Aon’s support to deliver these actions. A company will authorise Aon to take lower level decisions, enabling the trustees and employer to focus on strategic direction.
Download this resource to find out more.