Compass Spring 2021
In our quarterly publication of Compass, we provide commentary and analysis of recent legislative and regulatory developments affecting pensions and employee benefits.
This edition of Compass opens with a focus on the Pensions Schemes Act 2021, which finally received Royal Assent on 11 February 2021. Key elements of the Act include a structural framework for online pensions dashboards, strengthening The Pensions Regulator, changes to scheme funding, outlining new restrictions on statutory transfers, building on scheme governance for climate change risks and creating a framework for collective defined contribution schemes.
Helping you meet today’s responsibilities while shaping the future.
The complex and ever-changing challenges of pensions mean that trustees require expert advice and guidance to perform their duties. Pension schemes have many moving parts and having oversight and control of these is a major challenge. It can feel overwhelming at times and schemes need to be confident that they are fulfilling all their legal responsibilities and governance duties.
For pension schemes that are open to current employees and new joiners, pensions will represent the biggest part of an employee’s remuneration package after salary. This means employers want to ensure their scheme is attractive to new and existing employees, as well as ensuring it meets all the necessary governance requirement.
As one of the UK’s leading advisers of pension schemes, our expect pensions consultants can help you navigate these challenges, and provide clarity and confidence, by devising a long-term strategy with pension scheme trustees and the sponsoring employer. Our services include:
- DB and DC pensions consulting
- Strategic pensions advice
- Scheme management
- Pension scheme governance
- Trustee secretarial services
- Pension scheme special projects
- Auto-enrolment solutions
- Default investment fund review for DC schemes
of people have no idea how much they have in their pensions pot
of people say they don’t understand enough about their pension to make considered changes
of employees want coaching on all aspects of retirement
How our pensions consultants help
Meet your fiduciary responsibilities
Expertise to ensure compliance
Full scheme management and governance
Collaboration for a successful pensions strategy
Day to day running of your scheme
Expert secretarial services
- A team of 150 specialists; we’re pension consultants to over 150 UK pensions schemes across both DB, DC and Hybrid arrangements, with over 430,000 members, and across all industries.
- An established, holistic consulting function advising on end-date journey planning, scheme governance and broader scheme management.
- Trusted advisers to the sponsoring employer as well as to the Trustee Board.
- Excellent client management; most clients have been with Capita for more than ten years.
- With a finite budget we provide schemes with a clearer understanding of costs for the year ahead.
- Our consultants are highly experienced with the ability to draw from across the consulting practice, as well as our pensions administration, member engagement and data specialists.