Closed Scheme Administration
Recent legislation and uncertainties about the future have led many employers to limit their employee benefit liabilities by closing their defined benefit pension scheme to new entrants and ceasing future benefits accrual.
In many such cases, a new defined contribution scheme is established to allow existing employees to build up additional retirement benefits and to accommodate new employees. For the employer, trustees, employees and members, these changes can be challenging and complex.
Probis has helped a number of clients to navigate through this process and, by providing ongoing administrative support for the closed scheme, has been able to manage the expectations of all concerned.
The management of closed schemes encompasses all of the separate skills we can provide, including:
- Project planning and control
- Scheme administration
- Scheme accounts preparation
- Pensions payroll processing
In our experience, the most cost-effective and efficient service can be offered when we are retained to provide the full management package. However each of the above services is available separately and none depend on another.
Our established position within the employee benefits arena enables us to put forward and recommend providers of other specialist services, such as actuarial advice and accounts audit to combine with our own into a complete support package for a closed scheme's trustees.