UK - Berkeley Berry Birch has moved its employee benefits division into a separate company.
The firm, Berry Birch and Noble Employee Benefits, will target small to medium-sized businesses paying a premium price for advice but receiving a “less than satisfactory” level of service.
Chief executive John Wilken said: “Most employers are not making best use of their benefits packages and are often paying too much for what is not valued by the employees.”
The new company will offer employee benefits consultancy, pension scheme administration, trusteeship, trustee training and independent trusteeship. It will work on either a fee or commission basis.
The Pensions and Lifetime Savings Association (PLSA) has announced it will shrink its board by more than one-third as part of a governance overhaul to make it "agile and more appropriate".
Smaller FTSE 350 defined benefit (DB) schemes were nearly 15 percentage points less well-funded than larger schemes in 2017, according to a Goldman Sachs Asset Management (GSAM) analysis.
The advent of collective pension systems could help the UK avoid demographic challenges which will make it "impossible" for society to help savers in retirement, experts say.