Manchester Airports Group has updated its defined contribution (DC) pensions administration to address the ongoing freedom and choice pension reforms.
The organisation will now offer member administration and member technology services to engage employees with the new pension changes, which come into force in April 2015.
The programme will also include guidance for the employer’s 2,500 scheme members.
Providers Buck Consultants at Xerox has been appointed to administer the new pension flexibilities for the scheme, which has more than £20 million of assets.
Buck Consultants already provides actuarial, general consulting, investment consulting and pensions administration services to both Manchester Airports Group (STAL) pension scheme and also the E.M.I.A pension scheme.
Mark Cliff, reward director at Manchester Airports Group, said: “The group and the trustee were very keen to develop a programme, which allowed them to fully engage with their members on both the DC [defined contribution] pension benefits that the group provides, and also the implications on the new freedom and choice proposals.
“It was important for us to partner with a provider who was flexible in its approach.”
The key to success here is increasing the core financial awareness – from a fairly broad and basic perspective for the majority – of an employers workforce.
As part of Barclays, which provides significant financial consumer insights, we view this must be handled appropriately in order that employees don’t feel threatened by discussing with the 3rd party service provider, or in Group sessions.
As someone with an interest in psychology, the approaches deployable fascinate me.
A lack of appropriate knowledge and tools CONCERNS me!