Piltz: "We are looking forward to bringing this to schemes in the coming months"
Buck has today (11 May) announced the launch of Echelon+, a new integrated defined benefit (DB) governance solution.
Developed in consultation with independent trustees and delivered through a single fixed annual charged model, Echelon+ is designed to be an "inclusive approach" to the governance of DB schemes.
This follows on from the firm's announcements earlier this year of the growth of its pension admin service and the launch of a gap analysis software tool.
Combining Buck's trustee consulting, administration and technology services, Echelon+ is expected to provide schemes with greater clarity to enable achieve their long-term goals, whilst also protecting both trustees and sponsors from increased complexity.
With a specific focus on members, the software will include an online member portal that offers users enhanced member communications, newsletters, retirement quotations and transfer values.
The newest version of Echelon+ will also offer users a dashboard that includes information on governance issues across topic areas such as investment, funding, pensions administration and progress made against any strategic funding and investment objectives.
Buck UK managing director David Piltz said: "There's been a real focus on consolidation and improving efficiencies in the DB pensions market, especially among smaller and mid-sized schemes, to deal with the growing time and cost pressures of complying with increasing legislation, governance and journey planning requirements."
He added: "We have already seen real interest in this and are looking forward to bringing this solution to a wide range of schemes in the coming months."
