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Pension Plan Strategy and Design

Many employers have re-examined their existing pension arrangements in recent years, as costs have been driven up by a challenging economic environment, longer life expectancies and more regulation. At Willis Towers Watson, we can help you to conduct a strategic evaluation in order to find the right way forward.

Over recent years, the increasing cost and volume of regulation and legislation, longer life expectancy and falling interest rates, amongst other factors, have all resulted in a significant number of employers reconsidering the design of the pension arrangement provided to their employees. The move from defined benefit pensions, to those operating on a defined contribution basis is well documented, and has been driven by this changing environment.

The challenge facing employers is what type of pension arrangement to provide. Their chosen arrangement must be  sustainable, cost effective and avoid exposing the sponsor to unacceptable financial risks. At the same time, it should be valued by employees and provide sufficient retirement saving to allow and support retirement for an ageing workforce.

At Willis Towers Watson we recognise there is no one-size-fits-all solution, and we have vast experience of developing tailored solutions for employers. In many cases, we work with an employer to ensure that future pension design reflects both the long history and features of their organisation, but also the current and future challenges they will face. We can work with you at all stages of the process, from a strategic pension review, to  delivering the solution to employees.

Willis Towers Watson helps clients consider their retirement strategy and design, including:

  • A strategic review of existing benefit arrangements;
  • Pension plan design and re-design;
  • Plan design implementation including communication and change management; and
  • Management and implementation of projects.
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