The Client Challenge
Having inherited a less-than-optimal legacy situation where all services, from actuarial to administration, were being reported on and delivered by a single provider, the trustees of our financial services client had no means of independently assessing the performance and risk within the scheme or of benchmarking the effectiveness of their decision making framework and the advice they were receiving.
They identified the need for an independent oversight to deliver an unbiased qualitative and quantitative assessment of the effectiveness and efficiency of the service they were receiving.
Our Solution
With our in-depth knowledge of pensions, investment and business management, we were in a position to deliver a unique insight into the sector and provide the independent voice and oversight they needed. This enabled us to ask the right questions, identify any risks and highlight inefficiencies, or situations where they were overpaying for some services.
Combining our strengths in advisory, data analytics, portfolio construction, product innovation and project management, we advised a disaggregation of the bundled services and re-tendered each individually. This enabled us to achieve active monitoring at every level, ensuring we delivered far more stringent governance and maximised value for money for both members and the company. Having a management structure incorporating independent expert advice provided the company and trustees with enhanced confidence in their ability to deliver effective and efficient investment and risk management strategies for the benefit of the scheme members.
The Results
In extremely tight timeframes, the company moved from the risk of being over-reliant on a single service provider and a DB scheme no longer fit for purpose, to a truly independent, member-focused solution that delivered better governance and better outcomes for both our client and their people at lower cost.
What the client said:
“Acuvest advised on and delivered a member-focused solution that enhanced our confidence that things are being run as well as they can with better governance, better outcomes and the reassurance that our key objective of risk management has been met”
