Recruitment, Interim Cover and Continuity
The management and smooth running of a pension scheme takes many people and lots of time. Outsourcing pensions management services can ease the burden.
It is no secret within the Pensions industry when it comes to recruiting pensions management specialists; it’s hard. The recruitment landscape has changed drastically over the last couple of years. With increased pressure on employers to offer ‘flexible’ working, as well as provide a clear roadmap on career progression many larger employers struggle with inhouse pensions management responsibilities.
The Single Code of Practice adds an additional layer of complexity to the governance of pension schemes. Employers are having to prove and provide the Pensions Regulator with evidence that they have an ‘Effective System of Governance’ which requires in-house teams and Trustee boards to have specialist skills and knowledge on how to implement the recommendations of the code.
Read about how we continue to support our clients before, during and after their recruitment process.
Key person risk and continuity
Outsourcing pensions management tasks puts a dedicated team at your disposal.
The responsibility for the pensions scheme management being assigned to one person is a common and very real risk. Their unexpected absence will present continuity and service issues not easily rectified unless there is a contingency plan in place. Outsourced pensions management allows resource to be expanded and retracted as the needs of the scheme and the workforce change.
In a wider context risk management requires an up-to-date knowledge of pensions regulation and legislation along with the insight to apply necessary measures appropriately. Compliance breaches can be costly so being a step ahead of the game is crucial to avoid them.
Proven and trusted risk management procedures are reassurance that risks have been identified, tested and can be resolved.