Dalriada Trustees has launched an integrated and streamlined consolidation service for UK pension schemes to deliver trusteeship, governance, administration and all daily operations associated while retaining control of its investments and scheme journey planning.
The solution, called Dalriada.Together, streamlines and optimises these key areas, providing “efficient, cost-effective” pension scheme management, powered by Mantle.
Dalriada said that under this approach, scheme advisers and other third parties are managed through Dalriada’s carefully selected panels to deliver their service and responsibilities on time and to budget within a single fee.
It added that the board of trustees mirrors the existing structure and full legal responsibility for regulatory compliance sits with the Dalriada team. This, it said, allows company representatives to focus their time on their wider corporate responsibilities, removing actual or perceived conflicts of interest.
Dalriada disclosed that there are already 25 schemes working with Dalriada.Together, all well on their way to efficiently meeting their objectives.
Vassos Vassou, director of Dalriada Trustees responsible for Dalriada.Together, said “Running a defined benefit pension scheme is more complicated, time-consuming, and riskier than ever.”
He said that the new solution works with employers and pension scheme sponsors to ease the burden and mitigate the risks.
“We emphasise close collaboration and the benefits of consolidation of services to ensure strategic objectives are delivered effectively and efficiently. “We act as a single point of contact for the members, the sponsor and the advisers,” he added.
Vassou said that while this approach could be adopted by any scheme, it will be “particularly attractive” to those schemes that may be looking to access affordable and robust governance, administration and investment solutions and have been unable to find them so far.
He said: “We can provide this from day one. We are also looking to work with others in the market who may wish to join our panels and continue to deliver the best outcomes for our clients.”
Chris Roberts, managing director of Dalriada Trustees, added that the running cost of smaller pension schemes can appear poor value for money on a cost-per-member basis.
“Dalriada.Together provides a direct response to The Pensions Regulator’s call for innovation in governance for smaller schemes,” he said adding: “Dalriada is in a unique position with access to considerable internal resources, from which we have developed an alternative approach to our appointments.”
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