BBS Consultants and Actuaries launches pensions services

BBS Consultants and Actuaries has launched two services designed to protect directors and trustees against fraud and support pension governance.

Its mortality screening service helps organisations to establish the location of pensions scheme members, instead of relying on their families to inform trustees of their death.

By working in conjunction with tracing specialist TraceSmart, BBS Consultants and Actuaries can track down the addresses and contact details of pension scheme members. However, fees will only be due from employers if there is a successful trace.

The service ties in with guidance from The Pensions Regulator that recommends companies and trustees keep up-to-date information on pension scheme members.

Paul Bowden, administration director at BBS, said: “All too often, pensions are either paid to members who have died or are halted for members who are said to have died, but are actually still alive and well but living somewhere else.”

Peter Bainbridge, director of BBS, added: “The Pensions Regulator has taken an increased interest in the operation of contract-based defined contribution pension schemes, while employer responsibility is already increased by the auto-enrolment requirements for employee pensions.

“Many companies now operate contract-based defined contribution pension schemes, while still more are launching these schemes to replace former defined benefit schemes.”

Meanwhile, its other new service oversees contract-based pension schemes to ensure they are receiving the same quality of governance as final salary pensions.

Bainbridge said: “The Pensions Regulator has taken an increased interest in the operation of contract-based defined contribution pension schemes, while employer responsibility is already increased by the auto-enrolment requirements for employee pensions.

“Many companies now operate contract-based defined contribution pension schemes, while still more are launching these schemes to replace former defined benefit schemes.”

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