Whether plan change, high earners or encouraging employees to think about their level of savings, clear, concise and appropriate communications can add significant value to your benefit strategy. We can provide a full range of support, from member announcements through to online websites and modellers. Our mantra is keep it simple and to the point.
For a number of our DC clients we provide a suite of communication materials that can be used as part of a one, two or three year communication plan. Our materials include:
- member newsletters
- targeted information on a specific topic, for example investment choices or options at retirement
- workshops to enable employees to discuss their questions face-to-face.
We start by discussing with the client what their objectives are and then we agree the best communication plan to meet those objectives. From there we develop the appropriate materials and a timetable for issuing.
In the case of plan change, such as closure to future DB accrual, we have extensive experience of supporting sponsors as they explain to trustees and employees the reasons and implications of ceasing accrual. Effective strategies usually include a combination of written, verbal and online communication tools.
In the news this week, the consultation on the RPI is delayed until March, the first DB funding code consultation is also expected in March, there is speculation about the Treasury’s intentions towards the tapered annual allowance, HMRC announces a further delay to the final GMP data cuts and Dominic Chappell is ordered to pay £9.5 million.
In the news since 20 December 2019, the Pension Schemes Bill returns, the FCA takes action against bad DB transfer advice, the Chancellor confirms the Budget date and two pension schemes win a US class action.
Despite the very different circumstances facing individual companies, bac‘s autumn 2019 survey reveals a surprisingly consistent picture of the actions which companies are finding most attractive to manage their DB and DC pension arrangements.
As DB liabilities have become legacy issues to be managed, governance has become the umbrella term for a broad range of risk management tools. In this publication, we look at the DB governance solutions we have helped our clients to implement.
As pension trustees and sponsors get serious about good governance, a key question is whether technology can play a meaningful role or is simply an expensive addition that looks good but adds little value?