The administrative and consultancy costs of running a Pension Scheme can be high and can easily get out of control.
PTL’s Pension Scheme Budget Control Service aims to manage, control and ultimately reduce these costs, making it easier to budget and plan ahead.
Controlling costs and identifying areas to remove or restrict expenditure requires experience and knowledge of Scheme processes. Our team applies their expertise to ensure that you only pay for the services that your Scheme requires.
By engaging our specialist team in this way, your management team will be free to focus on business critical areas rather than administrative duties.
Our aim is to control and reduce the administration costs involved in the management of your Pension Scheme and to give you comfort that your service provider spend is being managed down.
The Benefits of using an Independent Trustee for Pension Scheme Budget Control Service
- Reduces management time spent controlling fees
- Ensures that best practice approaches are applied to control your costs
- Promotes value for money approach from Service Providers
- Contains and restrains costs as far as possible
- Delivers expert advice around the ‘typical’ fees and values to pay for Advice to help inform decisions
Who would use Pension Scheme Budget Control Service?
PTL’s Pension Scheme Budget Control Service is an effective tool for Employers to track, monitor and reduce Scheme management costs.
It also serves Trustees with a suitable approach to achieve value for money and control management costs to ensure that Members’ benefits are directed back to them, and not wasted unnecessarily on Advisors.
Pension Scheme Budget Control Service Detailed
PTL’s Pension Scheme Budget Control Service helps to reduce and control costs by introducing a fees protocol. Through consultation with you, this identifies and minimises discretionary spend, avoids the duplication of work and ensures that you receive value for money from all suppliers.
PTL has created a standard fees protocol that requires Service Providers to submit annual fees for budgeting purposes. These have to be accompanied by service specifications to identify the need for each element of spend.
Using this service, PTL will:
- Ensure that all processes are streamlined to avoid any duplication of work by Service Providers
- Ensure that every process is owned and managed to control each function
- Challenge budget submissions to ensure they are correct and necessary
- Submit all budgets to the Employer and Trustees for approval and sign off
- Manage the receipt of all Service Provider invoices for continued monitoring of fees
- Seek your approval before allowing extensions to reports or accepting any set fees.
- Manage the annual budget submission process for you
- Create and update a central cost database to ensure that you are, and continued to receive value for money from your Advisors.
- Provide complete transparency and ensure access to these reports whenever you need them
PTL’s Process – how we support your business
Our approach is to be pragmatic, personable and professional.
Being pragmatic is important. No two situations, no two problems are the same. Our pragmatic approach allows us to find sensible, common sense solutions that meet the need of all parties. A pragmatic approach is also a more cost effective approach.
Being personable is important. We all spend a lot of time working. It makes life more pleasant and work more bearable if our working relationships are friendly, warm, open and constructive. We build teams that will serve each client around that client’s needs and preferences.
Being professional is important and should be a given. The characteristics of professionalism we consider particularly important include being trust worthy, being an expert in our field, working to the highest standards, behaving ethically and fairly, observing clients confidentiality and treating all clients, colleague and others we contact in our work with consideration.
Our approach is to be collegiate, to work as part of a team with our clients and their other advisors. We aim to identify your objectives, establish how to achieve it and execute the resultant strategy.
Our approach is to be creative. The best approach to a matter or solution to a problem is not always the most obvious or established. We encourage our team to innovate externally for our clients and internally for PTL.
Please contact a member of our team to discuss the Pension Scheme Budget Control Service (PSBCS) further on 0118 957 0610 or email email@example.com