Aon Consulting launches unique fixed cost administration package for trust-based schemes
LONDON.- Aon Consulting’s pension administration team is launching Assured, a highly automated, fully-inclusive and fixed fee pensions administration package. Assured is designed to deliver greater certainty and control around costs and service delivery to pension schemes during the economic downturn and beyond.
Traditionally, pensions administration is provided at fees that can fluctuate greatly depending on workloads, infrastructure and changing scheme requirements. Additionally, the increased financial pressures faced by companies coupled with greater levels of complexity and scheme governance requirements have made it more and more challenging for pension schemes to maintain a modern, high-quality service whilst keeping control of cost. However, after establishing a panel of industry professionals, Aon Consulting, a leading pensions administration, employee risk and benefits firm, has created a packaged service with an inclusive list of core service components which is designed to provide ongoing certainty and value. Assured’s broad range of core components include:
• A fixed fee structure
• A comprehensive set of performance measures including end-to-end process times
• Dedicated, accountable client management
• A customised interactive member website
• Data analysis, annual data health check and the opportunity to improve data quality
• Full electronic data imaging
• Monthly mortality screening
• Clear, concise and engaging scheme and member communications
• Participation in regular Service Development Group meetings to influence ongoing service development.
The inclusive nature of Assured’s service components is designed to ensure that all current and future scheme requirements and risks can be met and minimised without any financial surprises.
Stuart Heatley, Managing Director of Aon Consulting commented: “When we re-launched our administration service 12 months ago, we committed to engaging with the market to help us deliver a service that is dictated by our clients and their scheme members, not by the industry’s limitations.
“Since then we have been talking to trustees, pensions managers and scheme members about the service they want, primarily through our Administration Service Development Forums. From these discussions we have learned that automation founded on clean data and standardisation of process are key to a sustainable, high-quality and value for money service. Assured has been developed very much on the back of this feedback and we have worked closely with our Forum members in its development. We are confident that it will meet the evolving needs of schemes, trustees and their members.”
Mike Acred, Pensions Manager of LV= said:
“Historically it has been difficult for many pension schemes to maintain the desired level of control around ongoing administration cost and service delivery. The demanding economic environment we see today will only make these challenges greater. I am pleased to have worked closely with Aon Consulting and other scheme managers and trustees to help them develop their thinking and to define this new approach to third-party administration service provision.”
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