JLT offers fixed cost DB service
UK consultants Jardine Lloyd Thompson has launched a service offering pension consulting for defined benefit schemes at a fixed cost of about £10,000 (E14,400) for a typical 500-member scheme. It says the service, Optimum, encompasses “core” consulting elements of administration, consulting, actuarial and investment.
Consulting, actuarial and investment would cost about £10,000 for a 500-member scheme. Administration at £21,690 would take this to £31,690. Costs depend on scheme size and other factors, a spokeswoman said.
“Many clients can’t afford to be spending a lot on expensive consulting services to help them run an already high-cost defined benefit (DB) scheme, which may be closed to new members,” said regional managing director Paul Clark.
“The Optimum service offers clients the opportunity to receive the core consulting services they require to ensure a compliant scheme that is run in an efficient way.
“At JLT we recognise that schemes require a more flexible approach where products and services can be tailored to clients needs in a cost-effective way. This is a risk-managed service – as the name implies an optimum service to suit the client’s needs.”