Pension Benefit Design
Background
Pension benefit design is a vital ingredient in matching corporate aims with employee aspirations. If there is a mismatch then corporate objectives will be more difficult to achieve. For example, recruitment and retention of key staff may be prejudiced.
Key Issues:
- Is your benefit structure designed to help you recruit and retain the type of individuals you need to achieve your business aims?
- Is your existing pension plan under-appreciated by the members?
- Do you tend to adopt a ‘paternalistic’ approach to pensions provision, or a ‘laissez faire’ approach?
- Have you considered the defined benefit vs defined contribution debate? For example, is potential volatility of pension cost of major concern to you?
- Do different benefit designs best match different segments of your workforce?
What we can do to assist you:
- Brief you on the full spectrum of pension plan designs available
- Benchmark your pension scheme against those of other companies using our leading-edge software Comparison™
- Advise on the optimal design to fit in with your overall remuneration strategy
- Advise how an existing pension plan could be amended to align more closely with corporate aims
- Advise on matching different designs with different segments of your workforce
- Help you implement any changes that emerge following a review of benefit design.
What the results would be:
- Alignment of employee benefit policy with corporate objectives
- Improved targeting of each £ invested in employee benefits
- Cost reduction and/or stabilisation
- Enhanced cost effectiveness and competitiveness for your organisation.
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Successful management of pension plan termination