Our relationship management service seeks to understand which relationships aren’t working and why. It then aims to provide practical suggestions for improving them in ways that are likely to lead to greater efficiency and cost savings.
Our relationship management service analyses how the scheme sponsor and trustees work together, as the most important relationship is that between scheme sponsor and trustees. Problems can arise when a sponsor feels that pension issues have become too prominent in day-to-day company management despite the company confronting its pension risk and paying prudent contributions. It may feel that the trustees are always asking for something more, that relatively small issues take up too much time and that scheme costs are spiralling out of control. It may be that the scheme has been run in the same way for many years, but has not adjusted to changing circumstances.
Trustees for their part often want to work better with the sponsoring company, but don’t know how to do it. They may be concerned that they will be criticised for being insufficiently robust with the sponsor and lack the confidence to work out a scheme specific solution within the complex web of law and regulatory guidance.
Other relationships that may need attention are those between overseas parents and their UK schemes and subsidiaries and relationships with and between advisers.
Unlike most other consultancies, we recognise relationship management as a separate and critical issue that deserves a thoughtful approach in order to help manage risk and cost and prevent surprises. We aim to provide practical suggestions to improving communication and relationships in ways that will lead to greater efficiency and cost savings.
“We will encourage trustees and employers to work collaboratively to use the flexibilities in the system appropriately to best suit the needs of both scheme and sponsor…”
Extract from the Pension Regulator’s Corporate Plan 2014–2017