Members rarely comment on good administration – after all they are receiving the right benefits at the right time. However, when things go wrong.
Our ethos is that Pensions Administration is the most important service since it affects the scheme members – the ultimate client – directly. If administration is not carried out accurately and promptly members will lose confidence in the scheme – which causes distress to them and an increased workload for HR.
At Censeo we recognize the importance of getting it right and on time. Some of our competitors use junior staff in pensions administration, relying on sophisticated technology to compensate for their personnel’s lack of experience and knowledge.
Unfortunately any system is only as strong as the weakest link. We employ only experienced administrators and ensure that they receive regular training to keep them up-to-date with ever-changing pensions legislation. All work is peer-reviewed and must be signed off prior to issue.
Of course we use modern technology as well but we never allow it to be a mask for shortcomings elsewhere.
Our Pensions Administration service includes the following:
- maintenance of a database of all member information
- calculation, quotation and payment of members’ benefits on retirement, death or withdrawal
- carrying out the annual renewal
- corresponding with HMRC and other relevant parties
- monthly contribution allocations for Defined Contribution schemes
- production and issue of statutory and elective benefit statements, including illustrations of future benefits for Defined Contribution schemes
- management of the trustee bank account and associated treasury functions
- preparation of draft report and accounts and facilitation of audit
- miscellaneous reports as required
- direct issue of member communications.
In addition we can offer a full data-cleansing service to comply with the Pensions Regulator’s guidance, which is of particular relevance for a legacy scheme or where the administration has been switched between providers in the past.