Are Plan Sponsors an Afterthought?
Atkin & Co, a UK pension scheme administrator and actuarial consultant, has called for the pensions industry to refocus its attention on the sponsoring employers of pension schemes and how their needs differ from those of the Trustee board, a message that the team here at PSE can really get on board with.
Marian Elliot, Director of Atkin & Co, said in the press release that whilst there are vast resources available to pension scheme trustees – from discussion boards to training days and toolkits- this is in stark contrast to material aimed solely at sponsoring employers who are often included as an afterthought.
As editor of a magazine dedicated to plan sponsors I would have to agree and the team here at PSE hope to soon see a whole raft of products released specifically to cater to the much neglected UK plan sponsor market. Any consultants/fund managers reading please take note!
Atkin & Co also observed that too many companies currently lack sufficient understanding and engagement with their pension schemes, particularly in the small scheme sector. Additionally, the pension scheme often falls between the HR and finance roles and in many cases it is unclear where the responsibility for management of the pension scheme lies; considering the pension fund is such a large item on the balance sheet, this needs to change. But if you are reading this then you probably already know that…