KPMG has launched a dedicated defined contribution (DC) practice.
KPMG DC Solutions will advise organisations on all aspects of DC pensions provision including assistance in the design of the schemes, choosing platform providers, advising on employee communications, and delivering DC governance and investment services.
KPMG’s pensions partner, Gurmukh Hayre, will lead the pensions practice. Hayre has over 25 years experience in the pensions industry of which the last 20 years have been with KPMG. He has led DC pensions change projects including transitions from defined benefit (DB) to DC schemes, setting up new plans, and restructuring existing schemes.
KPMG DC Solutions currently comprises 20 KPMG professionals from its overall pensions practice.
Andrew Cawley, head of pensions at KPMG in the UK, said: “As more and more pension schemes move towards a DC model, it makes sense for us to establish a dedicated practice to focus on this burgeoning area.
“As a whole, our pensions practice is growing strongly and we have ambitions to at least treble KPMG DC Solutions in the short- to medium-term.”
Hayre added: “With both businesses and individuals under financial pressure, no-one wants to be paying more than they need to for anything at the moment, meaning value for money is an enormous driver right now.
“Where DC pensions are concerned, we are routinely finding we can help [employers] get better value by advising them on the structure and delivery methods used by their pension schemes. Any savings generated can then be used to enhance member support/education programmes as we approach 2012.”
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