Defined Contribution Pension Schemes

The pace of change within the Defined Contribution world has been vigorous, resulting in more pension freedom and choice for individuals, but more responsibility for employers and trustees.

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At Spence we take the view that the selection of a defined contribution (DC) pension scheme should not be a one-off exercise; instead a regular review will ensure better outcomes and value for money for members, sponsors and trustees.

Our Defined Contribution Advisory practice aims to ensure better member outcomes by working with both employers and trustees to ensure that their defined contribution scheme, whether own-trust, master trust or contract-based, delivers value to all stakeholders.

We offer a range of services in this area, including:

DC Healthcheck:

  • Strategic review of our client’s existing arrangements.
  • Overall compliance with regulations and ensuring the highest levels of governance for employers and trustees.
  • Assessment of communications, investment strategy, charges and value for money.
  • Provider recommendations, where required.

New Scheme Implementation:

  • Contribution and investment strategy design.
  • Procurement and ongoing management of schemes.

DB to DC conversion:

  • Scheme design with contribution and outcome modelling.
  • Design and deliver clear and engaging member communications in various formats, helping to maximise engagement and understanding to ensure better outcomes.

Winding-up old DC schemes:

  • Many companies and trustees who run their own trust-based occupational DC pension scheme would find it to be more cost-effective to switch to a more modern alternative. We have significant expertise in closing and winding-up old pension schemes and can help clients do this in a highly efficient way.

If you would like to find out more about our Defined Contribution services, then please get in touch with Hugh Nolan to discuss your options.