Third party pension scheme administration
The members are the most important part of any workplace pension scheme and, as third party administrators, it is our responsibility to make sure their pension benefits are managed correctly. At BBS, we believe scheme administration is a service that requires excellence, not a commodity product. Our philosophy is: Get it right, first time, on time, every time.
Our highly skilled team of experts, in conjunction with our industry-leading workflow and IT systems, ensure that we provide an extremely efficient service to our pension scheme trustees and members. Paul Bowden is the BBS director responsible for our administration service, which is widely recognised as being a market-leader. We have unparalleled experience in taking on new schemes and our proven methodology acts as an audit of your data, custom and practice.
Our careful adherence to service standards means that nearly 99% of work is completed within five working days of receipt - with an average response time of just over two working days. This is well under half the industry ‘standard’
The BBS Work Hub
Every client and internal system we use is brought together through the BBS Work Hub (the Hub). Watch the video below to see how the Hub benefits our clients by helping us ensure we consistently provide an accurate and efficient service:
Our standard third party pension administration service includes:
- Maintenance of all records
- Calculation and payment of benefits
- Continuous Mortality Screening of both pensioner and deferred members
- Clear, transparent and consistent quarterly reporting
- Pensions payroll
- Defined contribution (DC) retirement settlement (including annuity purchase)
- Preparation of Scheme Annual Report and Accounts
- Cash management
- Full trustee performance reporting
- Secure client access direct to the systems we use on your behalf, via 4myscheme
- Secure online member access, via 4myplan
To ensure accuracy at all times, all administration work has a ‘doer’ and a ‘checker’ – with workflow automated through the same systems that we use to hold member records. We work with each client to develop tailored administration processes. These are then documented in a scheme administration guide, which we provide both in hard copy and online through 4myscheme.