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Effective retirement plan management

March 2, 2023

Effective retirement plan management should reflect your ongoing business objectives and values in a consistent way.
Retirement|Inclusion-and-Diversity|Ukupne nagrade |Benessere integrato
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Effective retirement plan management

Effective retirement plan management should reflect your ongoing business objectives and values in a consistent way.

Video transcript

Effective retirement plan management

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RAJESH DASWANI: When it comes to retirement plan management for a multinational, an effective approach should reflect your ongoing business objectives and values in a consistent way across areas such as people, strategy, risk management, operational efficiency, ESG commitments, diversity & inclusion, and M&A execution.

At the same time as there are many external factors that bring risk and opportunities for your retirement plans, such as volatile financial markets, geopolitics, regulatory change, technological advances, and vendor developments. We see many companies facing these challenges and wonder how best to use the available resources to manage and oversee their retirement programs.

To help our clients work through this complexity, we find it helpful to think in terms of three levels of activities involved and who needs to be involved in running pension plans. Plan level operations, for example, record keeping, paying benefits, and member communications. Secondly, plan level governance, which may be a trustee board or committee of your HR or finance teams. They should be responsible for monitoring the operations and external vendors, and ensuring the plan minimizes risks and optimizes outcomes.

 

And lastly, headquarter level oversight, which may be an HQ benefits team or cross-functional committee. They should set the overall direction, and share best practices, and cost efficiencies are shared across countries.

Making sure these three levels of activity are all in place and are appropriate to the types of plans you have can greatly enhance your employees' experience, while managing risks for your business.

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