In today’s challenging financial environment, managing defined benefit pension schemes can be a headache for businesses in the UK. To manage a DB scheme successfully and bolster its financial strength, while also increasing company profitability and minimising risk, significant time investment is required from both employers and trustees.
Yet, finding this time is not easy, and companies can often struggle to deal with problems arising from their DB pension scheme quickly and effectively.
Implemented Pension Consulting is designed to relieve individuals from time-consuming pension projects or low-level pension decisions. Introduced by Aon, the initiative allows individuals to focus their time on pension strategy, with Aon taking the lead on other decisions on the client’s behalf. For companies without available additional resources to hand, such as HR departments, pension managers or subcommittees, Implemented Consulting reduces the amount of company time and involvement, with Aon operating within agreed parameters to take pension decisions.
Three benefits to Implemented Consulting
- Deliver on key projects: Companies and trustees can deliver key strategic actions with limited management time
- Implemented pension strategy: Following trustee and company agreement on pension objectives, benefit from an action plan that factors in budget and risk, which, once approved, will be implemented efficiently
- Strong governance: Focus trustee meetings on strategic decisions that add the most value, rather than requiring trustees to be embroiled in the detail
Who will benefit?
For organisations with limited resources, Implemented Consulting can support pension strategy by reducing the amount of time spent on pension management, while delivering high value results. With governance becoming an increasingly important issue for organisations across the UK, being able to focus on the key decisions while knowing that other pension activities are being carried out in line with budget and objectives, pension strategy can be managed effectively and successfully.