The Unique Benefits of In-House Pension Administration

Dalriada.Together offers a distinctive service in the pensions industry as the only professional trustee firm that provides in-house pension administration. Traditionally, trustees of pension schemes appoint third-party administrators to manage the day-to-day tasks of their schemes. However, this model can often lead to inefficiencies, delays, and disjointed communication between administrators and trustees.

The Dalriada.Together model addresses these challenges by bringing pension administration and trusteeship under one roof, creating a unified “Trustee Team” that works closely on each scheme. This integrated approach delivers a range of efficiencies and benefits, enhancing the overall governance and operation of pension schemes.

Key efficiencies and benefits of the Dalriada.Together model

Closer Interaction for Real-Time Administration

With the trustee team working closely, Dalriada.Together ensures real-time interaction on all live pension administration tasks. This enables timely communication, minimising delays and ensuring a smoother process for handling each pension scheme

Faster Decision-Making and Transaction Processing

By having a unified team, we can make informed decisions without waiting for quarterly meetings. This immediate access to all relevant information allows for quicker decision-making, leading to faster processing of member transactions.

Proactive Problem-Solving

The in-house pension administration model allows the team to identify potential challenges early on and resolve them before they escalate. This proactive approach ensures that administrative issues are handled efficiently and promptly.

Flexible Resource Allocation

Dalriada.Together’s team can adjust resources as necessary to maintain service levels. This flexibility ensures that the team can meet the demands of each scheme, no matter the size or complexity.

Comprehensive Team Knowledge and Expertise

The close collaboration of the trustee team fosters a deeper understanding of the scheme’s needs. Many team members have experience across multiple pensions functions, which helps in delivering quicker and more comprehensive solutions for clients.

Consistent Policies and Procedures

Standardised policies and procedures are in place for most administrative tasks, ensuring consistency across schemes and reducing the need for individual referrals. This not only improves processing time but also ensures transparency and clarity in the administrative process.

Continuous, Daily Interaction

Unlike traditional models where trustees and administrators may only meet quarterly, the Dalriada.Together model facilitates daily communication between trustees and administrators. This ensures that trustees are always up-to-date on scheme matters, allowing them to make faster and more informed decisions.

Supportive Team Environment

The close-knit working environment fosters a supportive culture where trustees and administrators collaborate seamlessly. By understanding each other’s roles, the team can support one another more effectively, leading to better outcomes for the scheme and its members.

Enhanced Member Experience

One of the standout benefits of the Dalriada.Together model is the significant improvement in member satisfaction. Members no longer need to navigate complex call centre systems or wait for long periods to get their queries addressed. Instead, they can directly contact the team, and their issues are resolved quickly and efficiently.

The immediate communication between trustees and administrators means that any member-related issues are dealt with quickly, often before they become larger concerns. This results in a more responsive and personalised service for members, leading to higher levels of satisfaction.

Set a new benchmark in pension scheme management with Dalriada.Together

The Dalriada.Together model offers a more efficient, responsive, and collaborative approach to pension administration and trusteeship. By integrating both functions into one team, Dalriada.Together ensures that trustees can make faster decisions, resources are flexibly allocated, and members receive a high level of service. This unique model sets a new standard for pension scheme management, offering a streamlined and effective alternative to the traditional third-party administration model.

Interested in learning more about our Together service? Learn more about the service here.