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SEI has announced
an extension to the SEI DC Master Trust, aimed at alleviating the
drain on corporate pension schemes caused by the growing number
of deferred members.
These members, defined as those no longer employed by the sponsor
company but still receiving Trustee oversight, administration and
communication for their legacy benefits, represent a third of members
of occupational money purchase schemes, costing companies both time
and money with an average of up to £94 spend per deferred
member per annum.
The SEI extension of services means that pension schemes can transfer
the deferred members of their DC scheme or AVC arrangement to SEI
without compromising their investments, administration or governance.
SEI DC Master Trust is to announce a series of further enhancements
over the next 12 months.
Commenting on the new service, DC product specialist at SEI, Ashish
Kapur, said: “Deferred members are often seen as a significant
drain on pension scheme resources. At SEI we are seeking to change
this by taking away this area of pain whilst making sure member
investment needs are well catered for.”
- Pensions Age
July 2008
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