Even before ‘governance’ became the byword for pensions, good governance has always been at the core of our services to clients. This is demonstrated in the types of services we provide. These range from supporting trustee boards in meeting their due diligence requirements and achieving a quality value for money service, through to working with firms delivering pensions services and supporting them to keep their services in line with the ever changing pensions landscape.
Benchmarking and Market Reviews
As schemes evolve and change, so do their requirements. Sometimes this can have a negative impact on relationships with service providers. In some instances they can be repaired and other times not. It can be a difficult process to get your scheme back on track. Whether it’s rebuilding the existing relationship and sharpening the scope of services, or finding a new long term partner for now and into the future. Our in-depth market knowledge and experience means KGC is well placed to guide you on this journey. We’ll ensure you can demonstrate good governance and due diligence through our detailed Benchmarking & Market Reviews of key service providers: administration, actuarial, investment consulting, secretarial services and independent trustees.
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Process and Relationship Management
According to TPR’s view on the requirements for 21st Century Trustees, good governance is a key factor to a well-run scheme. There are many different operational elements to a pension scheme and it’s important they work in harmony. If not, there’s a risk of overlaps, disconnects and gaps hindering the day to day running of a scheme. KGC firmly believes our independent and holistic view can achieve a better outcome for trustees, employers and service providers all working towards the same goal. As part of this service we created the KGC Scheme MOT, its aim is to improve relationships and reduce risk. We review scheme operations across service providers, re-designing processes, recommending improvements and redefining roles. Not only does this process re-engineering reduce risk and create efficiencies, it ensures you achieve value for money across all your service providers.
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Fiduciary Management Governance
Fiduciary Management is coming to the forefront of investment solutions for today’s pension schemes. The KGC FM Framework© focuses on assessing whether the service delivered is in line with your expectations and good practice, to ensure due diligence can be evidenced. We assess whether your Fiduciary Manager adheres to its agreement, demonstrates its own internal due diligence, manages risk and operates robust procedures. As regulatory oversight on Fiduciary Managers increases, we can track their responses to these pressures, providing comfort to trustees.
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Trustee Effectiveness
The job of a trustee is multi-faceted and often difficult, never more so than now. As well as good governance, effective trusteeship is the other key factor in a well-run scheme. A balanced trustee board benefits from having a good mix of skills and experience. However most trustee boards are typically made up of individuals with varying backgrounds and skill sets. KGC can support trustees in evaluating skill sets the board has as a whole, then identifying how individual attributes fit within the dynamics of the board. We identify gaps and highlight expertise, recommending improvements to support good governance. This frees up valuable time enabling your whole board to have greater focus on scheme strategy.
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DC Consulting
DC is finally the norm, and it’s never been more important for trustees and employers to understand and meet their regulatory responsibilities, particularly in light of TPR’s increased focus. KGC is recognised as an expert with a long standing DC heritage and can provide practical, operational or strategic support to help you demonstrate a high degree of due diligence and regulatory compliance. We work with standalone schemes as well as Master Trusts to help them – whether it’s to simply remain compliant, or prepare for assurance audit. We can also act as an adviser to IGC’s supporting them in demonstrating due diligence and good governance, providing them with practical real life expertise.
Management Consulting
As an independent management consultancy, we can provide an external objective view to service providers and schemes to aid their strategic development. This is complementary to our governance services. Our pool of market research enables us to combine insights, create value and communicate practical and suitable solutions, as well as improving business performance.