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Pension Board and Trustee Consulting

Trustees play a vital role in delivering high-quality defined benefit (DB), defined contribution (DC) and hybrid pension arrangements. But with ever-changing legislation, increasing cost pressures on plan sponsors and an ageing workforce, trusteeship is an increasingly difficult and complex role.

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Why Willis Towers Watson

With about 150 scheme actuary appointments, we have extensive experience providing support and advice to the trustees of Irish pension arrangements.

We recognise that pension arrangements differ and when discussing your needs, we provide clarity about the core services you should use for your specific scheme, differentiating them clearly from the additional options that may add extra value for the scheme.

We provide a full range of consulting services to trustees in respect of Irish DB and DC pension schemes. Here are examples of some of the services we offer our trustee clients.

Strategic funding advice

  • Advice on long-term funding strategy and on associated “Journey Planning”
  • Statements of funding principles to document agreed approaches
  • Development of recovery plans and if necessary statutory funding proposals, using “Funding Projector” – a long-range planning toolkit that is uniquely well-integrated with our core systems

Actuarial compliance services

  • Triennial funding valuations
  • Certification of statutory funding positions
  • Annual statutory funding reporting (annual statements and AADRs)
  • EU statistical reporting compliance

Monitoring services and tools

  • “LiabilityWatch” updates on funding progress
  • Sophisticated, always up-to-date monitoring using “Asset Liability Suite” (“ALS”)
  • Tracking of potential de-risking triggers (through ALS)

DC services

  • Fully-implemented DC solution through “LifeSight”
  • Bespoke DC consulting services
  • DC and AVC provider monitoring services

Governance and secretariat

  • Trust Secretariat services
  • Governance Consulting support

Risk Management services

  • Risk Management reviews, using “Governance Lens” and “DC Governance Lens”
  • Risk frameworks: development, implementation and related monitoring services
  • Outsourced Risk Management Key Function Holder service
  • Support services for internally-appointed Key Function Holders
  •  “Own Risk Assessment” facilitation and supporting services
  • Covenant assessment support services

Other consulting services

  • Reviews of actuarial factors for DB & hybrid schemes
  • Advisory and execution support to plan administration teams
  • Secondments and other short-term resourcing support
  • Data investigation and cleansing
  • Communication strategy and communications implementation
  • Voluntary Member Options
  • Project management of major exercises
  • Annuity transactions
  • Discontinuance and winding up advisory and execution services
  • Trustee Training
  • General consultancy, including advice on current issues, provision of one-off or specialised calculations, and updates on technical and legislative changes

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