The human face of pension management

The Pensions Act 2004 placed more responsibility on employers to manage and protect their employees’ final salary pension benefits. Many companies welcomed the move, but subsequently found the additional requirements to address shortfalls in scheme funding and regulation an expensive and time-consuming administrative burden. As a result, a growing number of defined benefit pension scheme trustees and sponsors started to choose to transfer the risks associated with their pension schemes to specialist insurers such as the Pension Insurance Corporation...