Should you be outsourcing your in-house pensions function?
In today’s world, more and more organisations are looking to cut their costs by outsourcing supporting functions and focusing internal efforts on their core business. The management and administration of the workplace pension scheme is often a key area to review in this respect – and BBS is ideally placed to take over this role.
We provide a fixed cost solution - almost certain to be lower than paying for your own in-house pensions department – and lower than many of our competitors who typically have higher overheads.
Our service is guaranteed to deliver best practice quality for both your trustees and your pension scheme members:
- You receive a quarterly audit of our services – something an in-house team is unlikely to provide.
- Our focus is on maximising pension services for your members - and giving them easy access to their pension information – whilst minimising the cost to the sponsoring employer.
We are committed to providing:
- best service - to the corporate sponsor, pension scheme trustees, and scheme members
- transparent charges
- quarterly audit reports
- a BBS director, and named team members, to work with every client
- the best outsourced management of workplace pension schemes, with all aspects handled in the same building under the leadership of a named director
Example of the outsourcing solution we have provided for one of our clients
BBS stepped in when a national supermarket group needed to find a high-quality, low-cost outsourcing formula for its pension scheme with £500 million in assets and 20,000 members. We arranged a rapid formula to transfer their in-house pension team to BBS’s employment (under TUPE rules) to deliver top-quality services at fixed-costs.
For more information on how BBS can provide a fully outsourced administration solution for your trust-based pension scheme, please click here to make an enquiry.