Outsourcing of pension management functions
Clearly, large organisations with experienced and well-staffed pensions departments will rarely feel the need to outsource any of their management functions - but the vast majority of companies do not have the resources, inclination or budget to have their own dedicated in-house pension management function.
Given this situation, how can such companies be expected to deal effectively with their pension advisers? Is the only option to surrender to the inevitable, hand over a blank cheque to the consultants and just hope they are doing what's right for you - neither more nor less? Or is there a better way?
Here's a better way of doing it
PAR's pension management outsourcing services can be flexibly tailored to cover a wide variety of different situations and have been developed in response to many situations, including:
- Temporary management of the pensions department prior to the arrival of a new in-house manager
- Permanent outsourcing of selected aspects of the pensions management function
- Regular meetings with your pension advisers to appraise technical work projects, monitor budgets and develop future business plans
- Carrying out the regular adviser reviews and market testing recommended by the Morris Review
- Hands-on management of specialised pension projects from time to time where the use of the regular external consultants is not appropriate but where in-house capabilities are not currently available.
We are happy to consider most forms of pensions management outsourcing and invite your enquiries.*
*Note that PAR cannot carry out certain types of activities that might involve conflicts of interest with your current or other mainstream pension advisers. We will advise on any such possible conflicts upon request.