The solution
NFP conducted a comprehensive pension governance review, working closely with the pension provider and administration team to gather and analyse scheme data. One key concern identified through the governance review was the variation in retirement outcomes across different groups of employees, particularly between male and female members. Without access to detailed data and modelling, these risks would likely have remained hidden.
Our approach included:
- Reviewing member impact insights, contribution patterns and engagement behaviours across the workforce.
- Using pension modelling tools to project retirement outcomes against recognised pension living standards.
- Identifying material differences in projected outcomes between male and female members, highlighting a clear engagement and outcome gap.
The results
For their business
Clear evidence of strong pension governance
Provided demonstrable evidence of good pension governance, supporting regulatory expectations and recognised best practice.
Reduced administrative burden
Lowered internal workload by outsourcing pension analysis, modelling and reporting.
Stronger duty of care alignment
Reinforced the employer’s duty of care by aligning pension provision with wider people, engagement and retention objectives.
For their people
Greater understanding of pension outcomes
Increased employee awareness of how pension decisions affect long-term retirement outcomes.
Confidence in active scheme oversight
Gave employees greater confidence that their employer is actively monitoring and improving the pension scheme in their best interests.
Targeted support where it matters most
Provided focused support for employee groups at greater risk of poorer retirement outcomes.