When we started working with them, our client was one of the UK’s leading business property management companies. A large employee benefits consultancy had set up their Fidelity Group Personal Pension Plan (GPP). However, the employee benefit consultancy did not provide independent financial advice and as a result there was a lack of pro-active advice to the employer in terms of Plan governance and a lack of support provided to employees.
Premier were asked to address the shortcomings of the existing consultants by providing employer governance and employee support services.
Governance services ensured the employer was able to regularly monitor the Provider and their investment funds; improve and maintain administration standards; ensure communication material was of high quality and remained compliant; and to consider forthcoming legislative changes. Employee appreciation increased significantly as staff now had access to a regulated adviser who could answer all those typical questions…
“where should I invest my contributions?”
“how much should I contribute?”
“should I transfer-in my previous employer pension benefits?”
Two years later, our client merged with a huge global powerhouse in the property world, which had already negotiated its own award-winning pension plan by dealing direct with Standard Life.
Were they getting the best possible deal from this scheme? Could charges and services be improved? Should the Fidelity GPP members move to the Standard Life plan?
Premier reviewed the Standard Life plan and found that whilst it appeared attractive in terms of having low charges, these could be improved further with our introduction. By involving Premier, Standard Life reduced the charges by a further 33%.
A very pleased, but surprised client (they thought there was no further room for improvement) asked Premier to stay on as benefit advisers to the enlarged Group. In doing so, all staff with Fidelity pension benefits received advice regarding transferring to Standard Life and benefits were harmonized throughout.
Whilst the global property management company did not originally start as a Premier client, we were able to demonstrate a high quality service that resulted in our appointment. Our pro-active advice ensured our client was able to strategically align benefits with business objectives and our client was able to plan for legislative requirements well in advance of their introduction.
For example, recent changes to the Annual Allowance and Lifetime Allowance has serious repercussions for higher paid employees. Premier worked out which employees would be affected and provided one-to-one advice on future pension planning and designing alternative remuneration structures.