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Pension Plan Implementation
Background
Successful implementation of a new pension plan requires complex project management skills. It depends upon co-ordination of a number of separate sub-projects, culminating in the establishment of the new plan on time and within budget. Failure to manage the process successfully can have costly consequences. For example, poor communications can lower the perceived value of the most generous pension plan in the eyes of the members, as they fail to appreciate fully the true value of the package. Similarly, once up and running, poor administration can very quickly lower the members' perceived quality of the plan as well as consuming the company's time on an activity that does not add to the bottom line.
Key Issues:
- How do you maximise employee awareness/appreciation of the new plan?
- Are appropriate administration and accounting systems in place?
- How do you decide investment strategy, including the appointment of investment managers?
- How will death and disability benefits be delivered under the new plan?
- Are the new trustees fully briefed and trained in their role?
- Are you compliant with all statutory requirements?
What we can do to assist you:
- Help you communicate the plan to maximise its positive impact for the members
- Advise on the most appropriate approach to administration and accountancy systems, and if appropriate, offer fully sub-contracted administration services
- Help you develop investment strategy and advise on all aspects of the appointment of investment managers
- Advise on cost effective risk benefits and healthcare management structures
- Provide tailored or generic training for the new trustees
- Help ensure the plan meets all statutory and quasi-statutory requirements.
What the results would be:
- A plan which is well appreciated and understood, maximising the employee relations return for each
€ spent on pension
- Streamlined and efficient administration systems
- Optimal investment structure going forward
- Suitable governance structures and compliant processes for managing the plan going forward.
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