Common Sense Consultancy
When the Trustees of a defined benefit pension scheme were faced with new funding regulations, they were concerned they would find themselves in conflict with the best interests of the company.
Derrick was able to help the Trustees understand the range of options available and agreement on a funding rate was reached with the Company that took into account the best interests of both parties.
“Without good advice, its easy to see how conflict between sponsoring employers and Pension Scheme Trustees can arise – and how consultancy fees can escalate! Derrick’s common sense approach to the issues enabled us to reach a sensible agreement with the company while fulfilling our responsibilities to scheme members,” said the chairman of the Trustees.
A manufacturing company with a defined benefit scheme wanted to close it to future accrual, but feared it would face stiff opposition from the union that represented many of their staff.
Derrick was able to help the company agree the terms of closure with the scheme trustees and was influential in helping the company carry through its proposals with the consent of the union and without industrial action. This was achieved through meetings with the unions and their pension specialists and explaining the company’s case in balanced terms.
“Without the involvement of someone who understands pensions and wider business issues, such a difficult change can easily go wrong. Derrick’s pragmatic approach and ability to communicate with people – from the factory floor up to board level – made the job a whole lot easier. His support was invaluable” said the Managing Director.
A successful internet marketing company engaged us to undertake a full review of their employee benefit offering. They wanted to ensure they were spending their money wisely and in a way that our employees would really value. It was also important to them to ensure their existing arrangements were providing the best value for money.
“Key to the reviews success was the professional approach taken. In identifying areas for improvement and working with us to engage our employees the process was painless and easy to understand. We were left in no doubt that the recommended changes provided better use of our money, whilst our employees could see real value in their benefits package” said the financial controller.