Pensions administration isn’t just a box-ticking exercise; it’s the crucial element in making sure that the right person gets the right benefit at the right time, so that all the hard work running the scheme has the intended result.
We work as one team with other departments in LCP to make sure you get a fully integrated service, underpinned by great people and best in class technology. Our bespoke administration system is built in-house by pensions experts and developers who really understand what’s important. We use a single database and calculation engine to support our administration, actuarial and investment departments. We develop our system continually to improve performance and react quickly to changes in legislation and client feedback.
How we can help
We put your members first by providing:
- Breadth of experience and knowledge. We have over 150 partners and people in the department and 95% of our pensions administration people have completed, or are working towards completing, appropriate professional qualifications. Over 70% of our people joined LCP as trainees. Members can therefore be confident that a knowledgeable and professional person is always at the end of the phone or an email.
- Additional support. The department has specialist groups providing technical support and valuable experience on a range of topics, such as divorce, tax, transfers, scams and communications. These are staffed by people with specialist knowledge of the topic and support specific individual member queries. We also have a vulnerable members group, providing assistance to those members who may have additional or particular needs.
- Clear, concise communications. Throughout your members’ time in the scheme, they are likely to receive several communications – from annual newsletters to bespoke information on their benefits. We aim to make our communications as jargon-free and understandable as possible, explaining concepts in layman’s terms and using short, clear, sentences. They will always have clear actions so members know what they need to do and by when.
- Efficient processing of benefits. We truly believe in ‘right not rushed’. Systems are only as good as the data and people behind them, and we have robust controls in place to make sure our work is accurate and benefits are paid on time.
We are accredited by the Pensions Administration Standards Association, joining their gold standard group of organisations who are seeking to continually improve the quality of pensions administration.
LCP joins our gold standard group of accredited organisations. They have all gone through our rigorous audit process and are setting the benchmarks for their peers who have not yet proved this excellence and sought TPR recommended independent third party endorsement.
Our latest thinking
How we can help
We help you ensure that your members are getting the right benefits.
We help sponsors of pension schemes understand and manage the costs and risks associated with supporting their current and legacy pension schemes as well as other employee benefits.
The deadline for pension schemes to be dashboard ready is getting closer. LCP can help trustees or scheme managers get pensions dashboard ready.
We provide a bespoke, high quality pensions administration service.
We help you to understand the impact of pension tax changes.
We help trustees achieve their strategic goals, with solution-led, appropriate advice.
We help our clients identify technological and data led solutions to solve the issues they face. From risk modelling for pension clients to providing insight to the energy market, we use the latest cutting-edge technology to help clients make better and more informed business decisions.