DC Governance Service

Apr 01, 2010

Pension Quality MArk

BBS Launch Governance Solution

BBS has always provided advice in relation to Occupational Defined Contribution ("DC") arrangements run under Trust.  However, as the Government regulation of contract-based DC arrangements tightens, we are increasingly recognising the need for all employers to take a more active role in the governance of all of their DC arrangements.

Our Governance Solution is a growing service for our corporate clients who have contract-based DC schemes enabling them to fulfil a "quasi-trustee" role ensuring that employers:

  • Meet accepted best practices
  • Comply with the increasing Regulatory Burden
  • Can work toward acheiving a recognised quality standard such as the NAPF's Pension Quality Mark
  • Improve their management, communication and member education to ensure better retirement outcomes

17Peter Bainbridge, Consultancy Director, confirms that "Major changes are scheduled from 2012 in relation to work-based pension schemes and the Government’s new requirements for auto-enrolment, which are expected to significantly expand the number of employees in such schemes.

"In preparation for this, a key focus of the Pension Regulator over recent months has been the promotion of best practice in the governance of contract-based defined contribution schemes.

"BBS has developed its services in relation to contract-based schemes to cover the whole range of governance issues.  This is often manifested in one of our consultants sitting on a Governance Committee set up by our clients to perform this quasi-trustee role."

For more information, contact:
Peter Bainbridge FFA