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The increasing complexity of pensions means that a growing number of organisations are outsourcing the administration of their pension plans to specialists in this field.
We provide an extensive range of services to a prestigious client list and
continually strive to identify smarter processes and develop better systems to
make best use of technology on our clients’ behalf.
Background
The demands on a pensions administration operation have become greater with the ever-increasing complexity of legislation, higher member expectations and greater trustee responsibilities. The administration operation was once seen for just record keeping and benefits payments. Now pensions administration is a value-adding function, providing a service to members, the company and trustees.
More and more companies are looking to redesign or refine their pension schemes
as their strategy for providing employees’ benefits changes: it is
important that this is not constrained by administration limits.
While companies will want to supply flexible and responsive services ensuring
accuracy and security, they will also want to control costs. Achieving the right
balance is not easy.
Service Offering
Watson Wyatt’s Administration team provide a comprehensive range of services
on all aspects of pension scheme administration. We can help you ensure that
your administration strategies meet today’s needs properly, and develop
it to meet the challenges of the future.
Our administration solutions span the technological spectrum – from Internet
to desktop solutions – and have been successfully implemented for a
wide range of companies. They are complemented by accurate, timely and proactive
performance against agreed service levels. Service offerings in which you could be involved
include the following:
Administration
- Design of efficient administration procedures tailored to specifically meet clients needs
- Accurate and up to date record keeping
- Compliance and regulatory monitoring
- Benefit and claims payments
- Contribution calculation and collection
- Co-ordinating the insurance of life assurance and disability benefits
- Risk re-broking
- Production of Scheme accounts
Benefit Processing
- Accurate and prompt calculation of members leaving service entitlements
- Issue of clear concise leaving options forms outlining members entitlements and options
- Processing member benefit queries
- Interacting with company, trustees and paying agents to ensure prompt payment of benefits
Communications and Reporting
- Completion of Trustees’ Annual Report and Member Benefit Statement
- Provision of periodic tailored management and administration reports reflecting the information and level of detail requested by the company and trustees
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Creating an innovative pension plan