UK - Companies are increasingly turning to pension managers, despite the fact many final salary pension schemes are shut to new entrants, the Pensions Management Institute (PMI) has found.
That has lead PMI to the conclusion that the complexities of running a pension scheme did not diminish, simply because it was closed to new members.
It isn’t only companies who can see the need for specialist in-house help; trustees too are recognising how exposed they could be and are encouraging sponsoring companies to consider this route, said Penny Green (pictured), PMI president.
Green also suggested that, with fees for third-party consultants frequently in the region of £200-£400 an hour, schemes could make significant savings by employing their own pensions professionals.
Most important of all, in-house specialists are uniquely well-placed to boost employee appreciation of pension benefits of all types, to ensure employers get the maximum return for offering this excellent perk,” said green.
By Damian Clarkson
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