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Defined Contribution Consulting

Willis Towers Watson has a specialist defined contribution consulting (DC) team that specialises in all aspects of DC pension provision scheme design, governance, investments, communications, pre- and at-retirement solutions and member behavioural analysis.

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Increased regulatory focus on DC arrangements has meant that trustees and employers need to take greater interest in this area than ever before. However, we recognise that this needs to be done in a proportionate way that is tailored to the scheme in question.

Our defined contribution consulting team can provide assistance in any of the following areas.

  1. 01

    DC governance

    Pension scheme governance has become increasingly onerous in recent years. One of the key changes is the introduction of a new EU Pensions Directive, “IORPs II”. We have developed a tool, Governance Lens, to allow sponsors and trustees assess how the governance of their scheme compares to the requirements of IORPs II and what changes are required.

  2. 02

    DC provider research

    Another area of increasing importance is the regulatory focus on value for members. Our defined contribution consulting team continually monitor the performance of the various providers in the market. The team can assist sponsors and trustees in assessing the quality of services provided, such as communication, administration and investment services as well as benchmark the charges that members pay against the peer group of similar schemes. Using the results of this assessment, we can then recommend appropriate courses of action.

  3. 03

    Pensions communications and engagement

    An important aspect of DC schemes is member communication and engagement. We can assist you in designing and implementing a suitable communications approach, including: strategic planning, drafting of written materials, design and production of different media (including online portals) as well as guidance and advice to members.

  4. 04

    Efficient ongoing scheme management

    OnePlace is our web-based collaboration software, enabling easy transfer and storage of scheme documentation including trustee meeting agendas, papers and minutes. The software can automatically produce meeting packs for you and can be used to project manage routine scheme exercises, such as production of annual reports and accounts. OnePlace is available to all of our clients.

  5. 05

    Trustee secretariat and governance services

    We have a proven track record in providing trustee secretariat and governance services to trustees of Irish pension schemes. Our experienced team can provide support, structure and procedural expertise so that all members of the trustee board are able to discharge their duties in an efficient and effective way. Our service is flexible and tailored to each client's needs and extends to fully outsourced Trustee secretariat services.

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