CS Financial Solutions are highly experienced in providing comprehensive pension consultancy services to employers
CS Financial Solutions are not tied to any providers, and our advice is entirely impartial
CS Financial Solutions pension consultants are highly professional, and are fully qualified and authorised. Our key focus is in building long term relationships with our clients
CS Financial Solutions specialise in communication strategies across all levels of your business, and are experienced in adapting delivery according to audience
Working with our specialist employee benefits partners we have provided global employee benefits advice to a multinational client that was completing a takeover of a business operating in 16 countries.
This included due diligence reporting, benefit benchmarking, country specific recommendations for improvement and design and assistance in a employee communication and consultation exercise. This was carried out working with global Client HQ and contacts within each local country.
On completion of the takeover deal, we ensured that all employees had seamless cover and replicated or improved benefit packages delivered at best value cost for the Newco.
Within the UK, areas advised upon included pension, group life, income protection, private medical cover, dental, cash plan, travel and flexible benefits.
An employer with around 900 staff approached CS Financial Solutions after being referred by recommendation from their accountant. They wanted to access employer advice, and review the pension scheme arrangements originally put in place prior to auto enrolment. The key areas that had triggered this review were unsatisfactory service provision by their existing pension provider, and the removal of commission subsidies within the pension scheme without a corresponding reduction in member borne charges. Prior to re-enrolling staff, the employer wanted to establish whether an improved solution could be achieved.
As well as carrying out a market and scheme review, CS Financial Solutions were able to provide strategic suggestions in terms of how auto enrolment compliance could be simplified going forwards, leading to a reduced administrative burden on the business.
CS Financial Solutions provided implementation support and guidance, as well as managing a communication exercise to the employees in order that the reasons for change were well understood, and members could engage with the enhanced benefit on offer. This included written communications, intranet-hosted video presentations, and telephone and email support.
Concurrently, CS Financial Solutions provided recommendations for further harmonisation of benefits across the business, implementing salary sacrifice, and a revamped employee benefits package and platform
An employer that had grown through acquisition had retained different pension benefits across the various sections of the business. In the case of one division this included an historic defined benefit scheme, which was still in active accrual for a section of the workforce. Over recent years, the costs of continued provision of this defined benefit scheme had grown disproportionately.
CS Financial Solutions were tasked with providing analysis and advice in terms of the de-risking options available to the scheme, including considering all options available in terms of curtailing further liabilities from accruing within the scheme. A key requirement though was that employees should continue to be offered a good quality pension benefit commensurate with similar well qualified staff within the workforce and wider industry.
This included sourcing actuarial and professional trustee input, implementing liability matching investment strategies in respect of deferred benefits, ceasing future accrual, designing and implementing an alternative defined contribution solution, and consulting and communicating throughout with active and deferred scheme members.