DC Pensions Operations, Governance & Organisation Review

Our client (a top-tier UK Life & Pensions provider) was seeking substantial Operational Efficiency improvements

The Challenge

Our client (a top-tier UK Life & Pensions provider) was seeking substantial Operational Efficiency improvements for its DC Pensions operations, which were having to support a doubling of business every 3-5 years. ​

In early 2015, PEN undertook an initial review of the operations to identify, size, and prioritise potential improvements to free up capacity and make significant cost savings.​

Our Approach

PEN defined, managed and led the review of the client’s operating model and key processes, mapping these to best practice. We provided:​

  • Subject Matter Expertise – both operational efficiency consultants and DC Pensions operations experts. ​
  • Methodology & Management– introduction of the PEN OE methodology and strong project management to drive a combined client/PEN team.​
  • Business line engagement – to obtain buy-in to the findings and recommended initiatives.​
  • Momentum: the ability to get the review completed within 6 weeks, to minimise impact on the business​

The Outcome

Deliverables:​

  • Current State challenges – identification of inefficiencies within the current operations and organisation.​
  • Operating Model and Process improvements, including use of systems.​
  • Recommended list of initiatives, assessed and prioritised by the client to identify those with greatest improvement potential and easiest implementation.​
  • Implementation Roadmap – setting out the recommended approach for implementing the initiatives.​

The client moved immediately into implementation of the top priority initiatives. PEN has been asked to assist with the implementation of several of these, particularly those requiring organisational restructuring. ​