The Pensions Regulator

Relations with advisers

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Your benefit consultant

Appointing or reviewing your current adviser

Determine what type of adviser would best suit the needs of your scheme and ensure that you have a good understanding of their fee and charging structure.

Consider the key points listed in the Type of adviser, fees and fee structure section.

Determine their view on the level of charges set by investment managers and whether they can negotiate lower charges for your scheme. 

For defined contribution schemes, find out what range of funds they recommend and consider their suitability to the scheme membership. Is there a range of appropriate choices, taking into account different asset classes and lifestyling options, for example?

Does the adviser appear up to date with new developments, for example, alternative asset classes and key personnel changes at investment managers? Consider the key issues set out in the Qualifications and experience, service standards and ways of working section.

Getting the best service from your current adviser

Do you feel that your benefit consultant properly understands your attitude to risk and takes this into account when providing advice?

Is the advice provided clear and timely?

For salary-related schemes, does the consultant work well with your scheme actuary?

For defined contribution schemes, does the consultant work well with your scheme administrator?

Are you satisfied with the speed and accuracy with which they carry out their duties and are they meeting the SLAs you agreed when appointing them?

Read the key considerations in the Relationship section.

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