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Pensions

Freedom, choice, flexibility and portability are just some of the features associated with today’s diverse set of retirement options. After introducing some of the most radical changes ever seen, the government is focused on ensuring that people are provided with a choice on how they both save for and access their pensions in retirement.

In response, the pensions and investment industry has created new innovative products and services for both accumulation and decumulation designed around the needs and preferences of consumers, aligned to, and better suiting the changing nature of retirement. With millions of legacy pensions still in play, this freedom and choice in itself brings on its own set of challenges and complexities for pension providers, scheme trustees and administrators.

In addition to focusing on funding scheme deficits and concerns on meeting future obligations, the challenge for defined contribution scheme trustees is finding the right balance between employer needs and ensuring positive outcomes and experiences for members, whilst all the time meeting new governance and reporting requirements.

For scheme administrators, the ever-changing pension’s landscape creates a downward pressure on resources and costs because of the need to keep up with change. Adherence to the Pensions Regulator’s record keeping and reporting requirements, whilst maintaining quality standards in service delivery in order to meet the expectations of members, will create a demand for experienced and qualified resource. The freedom of choice agenda together with the need to complete Guaranteed Minimum Pension (GMP) reconciliations before the December 2018 deadline may inevitably lead to the demand for resource exceeding supply.

Rectifi provides technical and administrative support services to one of the largest defined benefit schemes in the UK. Our resources are typically deployed to work alongside and integrate with existing administration teams, processes and technologies across multiple sites. We provide assistance with the tracing, reconnection and verification of deferred members, customer service and contact solutions, retirement quotations, processing manual calculations, calculating awards, managing life events and transfers.

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