Defined contribution pension consulting

Defined contribution (DC) consulting is specialist advice that helps trustees, employers, pension providers and master trusts design, manage and improve their DC pension arrangements. In a DC scheme, members build up a pension pot through contributions and investment growth, so good decisions throughout the member journey and upon access can have a significant impact on retirement outcomes.

Our role is to help clients deliver better outcomes for members through effective governance, strong value for money, well-designed investment and decumulation strategies and support at and through retirement. We work with clients to develop and evolve their DC arrangements, helping members get the most from their pension savings.

A DC consultant helps employers and trustees make better decisions about their workplace pension scheme. We provide independent advice on governance, investments, provider selection, member engagement, retirement support and regulatory requirements.

Our role is to help ensure your pension scheme delivers good value, meets legal requirements and, most importantly, helps members achieve better retirement outcomes. Whether you're reviewing your provider, redesigning your investment strategy or simply looking for confidence that your pension scheme remains fit for purpose, we can help.

In a defined contribution (DC) pension, contributions are paid into an individual pot and the amount available at retirement depends on how much has been paid in and how the investments have performed. This means the member bears the investment risk.

In a defined benefit (DB) pension, the retirement income is typically based on factors such as salary and length of service. The employer is responsible for providing the promised benefits and therefore carries much of the funding and investment risk.

Most workplace pensions available to new employees today are defined contribution schemes.

Collective Defined Contribution (CDC) pensions pool members' contributions and invest them together in a single fund. Instead of building an individual pension pot, members receive a target retirement income from the collective fund.

Because investment and longevity risks are shared across the membership, CDC schemes have the potential to provide a higher and more predictable retirement income than traditional defined contribution pensions. However, unlike a defined benefit pension, the income is not guaranteed and may increase or decrease depending on the scheme's funding position and investment performance.

Value for money is about much more than charges. We look at the full picture, including investment performance, governance, administration, member communications, retirement support and the outcomes members are expected to achieve.

We also compare your arrangement against alternative providers and market benchmarks to understand whether members are receiving good value relative to the services being provided. Our focus is on helping you understand whether your pension scheme is delivering the best possible outcomes for the resources being invested.

We take the complexity out of provider reviews. We start by understanding your objectives, workforce and current arrangements. We then assess the market, compare providers against your requirements and guide you through a structured selection process. This can include tender exercises, provider benchmarking, presentations and contract negotiations. If a change is required, we support implementation and member communications to ensure a smooth transition with minimal disruption.

A defined contribution (DC) master trust is a workplace pension scheme that multiple employers can use under a single trust and trustee board. It gives employers access to professional governance, economies of scale and lower running costs, without the complexity of running their own pension scheme.

Investment strategy is one of the most important drivers of member outcomes. We help clients design and maintain investment solutions that reflect the needs of their members, both while they are saving, as they approach retirement and as they draw it down. This includes reviewing default strategies, assessing self-select ranges, considering responsible investment approaches and monitoring ongoing performance. Our advice is grounded in extensive investment research and modelling, allowing us to balance risk, return and member experience over the long term.

Decumulation is the stage when someone starts taking money from their pension savings in retirement, rather than paying money into it. It covers the choices people make about how to turn their pension savings into a retirement income, such as using drawdown, buying an annuity, taking cash, or combining different options. It also includes the guidance, support and decision-making needed to help ensure pension savings last throughout retirement.

Good governance is the foundation of a well-run defined contribution (DC) pension scheme. It helps ensure the scheme complies with regulatory requirements, that investments and charges deliver good value for members, and that services such as administration, communications and retirement support are working effectively.

Most importantly, good governance helps trustees and employers make informed decisions that improve member outcomes, both now and in retirement.

The pensions landscape is constantly evolving. Our team monitors regulatory developments so that you don't have to. We help clients understand what changes mean in practice, prioritise the actions that matter most and implement them in a proportionate way.

From Value for Money requirements and retirement reforms to governance expectations and emerging industry initiatives, we support clients in staying compliant while keeping their focus on delivering positive outcomes for members.

Employers and trustees can improve member outcomes by focusing on the areas that matter most: contributions, investments, value for money, governance, member engagement and retirement support. Regular reviews help ensure the scheme evolves with members' needs and continues to deliver good outcomes over the long term.

We work with DC trustee boards, employers, pension providers, asset managers and master trust trustees, supporting schemes of different sizes and structures.

We're focused on one thing: helping our clients deliver better outcomes for their members. As an independent, employee-owned firm, our advice is free from product bias. We combine deep technical expertise with practical experience, helping employers, trustees, providers and master trusts solve real-world challenges.

Our clients value our collaborative approach, our understanding of the provider market, the strength of our investment and governance expertise, and our willingness to provide clear, straightforward advice that helps them make confident decisions.