Problems that arise

Increased costs coupled with poor service are putting a significant number of relationships at risk between clients and their advisers

News Cast

    Pension administration, record keeping and compliance are causing companies and trustees major concerns with scheme administrators experiencing high levels of staff turnover, no client ownership in this important area and a recent trend has seen some administration providers endeavouring to provide services through centres located outside of Ireland.

    Many pension and benefits consulting firms are now charging significant amounts for all services and the costs of managing a company's pension scheme or benefits programme can become prohibitively expensive with little or no apparent return on this investment.

    In addition, some service providers are not stepping up to the mark and providing the levels of service required in an increasingly complex and more regulated environment.

    Research has also shown that lack of proactive and imaginative advice, conflicts of interest and client activity have led to companies and trustees seeking to change their advisers.

    However, one of the biggest challenges to be faced by such companies is the move from the frying pan to the fire.