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Defined Contribution Consulting
Background
Traditionally, larger Irish companies have sponsored final salary pension
plans. However, in today’s business and HR environment, many are re-evaluating
their retirement benefit provision to support their HR strategy. There is a
broad spectrum of possible retirement benefit approaches to consider, varying
from a final salary plan to a simple cash benefit.
The last few years have seen enormous growth worldwide in the provision of
defined contribution (DC) pension plans. In Ireland, the majority of all new
plans are now DC. With organisations increasingly seeking to control costs,
this trend is sure to continue.
Key issues:
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What type of DC plan is right for our business?
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How do we choose the right investment managers and administrators?
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Should investment and administration be supplied by the same provider
or independently?
- How do we communicate the benefits of a DC plan to the members so they
have sufficient information to make sensible choices?
What we can do to assist you:
Watson Wyatt has unrivalled experience and understanding of the DC market.
We offer consulting on all areas of DC pension provision and for all types
of plan, from company plans to additional voluntary contribution plans and
PRSA’s.
Our services are designed to help you create effective pensions arrangements
that meet your business and people goals.
Design
- Brief you on the full range of pension plan designs
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Help you determine which vehicle is right for you - occupational plan,
GPP or stakeholder
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Calculate the impact of different contribution structures both in terms
of cost to the employer and level of benefits for members
- Help you design appropriate death and disability benefits in the light
of the contribution structure.
For further details on Pension Benefit Design click here
Investment
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Consult with you to decide the most appropriate investment choices for
your workforce
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Undertake investment manager selection exercises
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Negotiate best terms from providers
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Design appropriate ‘lifestyle’ strategies to cover the spectrum of individual
investment objectives
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Set benchmarks and monitor managers’ investment performance
- Assess whether to use ‘one stop shop’ or ‘best of breed’ managers.
Administration
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Assess and select providers
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Establish benchmarks and monitor providers’ performance
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Negotiate competitive pricing structures
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Ensure that best practice is followed
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Advise on the interface between your HR systems and the provider’s systems
- Investigate the benefits of ‘bundled’ versus independently provided administration
and investment services.
Communication
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Develop strategic communication plans to meet your specific needs and
circumstances
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Design, write and produce all the communication materials you require
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Deliver
seminars or one-to-one counselling
- Provide tools using the latest
technology to support a programme of education and ongoing support for members.
For further details on Benefits Communications
click here
What the results would be:
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A sustained and robust communication plan, which increases employee understanding
and appreciation of their remuneration package
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Heightened employee awareness
of the full range of benefits
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Alignment of employee benefit policy with corporate objectives
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Improved targeting of each € invested in employee benefits
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Cost reduction and/or stabilisation
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Enhanced cost effectiveness and competitiveness for your organisation
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Cost effective and efficient pensions administration systems incorporating
best practice
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Optimal investment structure
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Suitable governance structures and compliance processes for managing the
plan.
Contact information
For further information on any of our DC services,
please call Philip
Ferguson on +353 (0) 1 661 6448.
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