"Budge really helped us out with our company pension scheme everyone here at Company Name are pleased with the plan we recieved...David Denten, MD, Company Name

Pension Administration

Budge and Company have over 30 years experience in administering Occupational Pension Schemes,
both Defined Benefit and Defined Contribution Schemes

We have an experienced team of administrators and we provide an efficient and cost
effective service.

We charge fixed fees (not time-costed) based on the various transactions needed in the administration of Pension Schemes.

Summary of Services

Consultancy

  • Regular re-appraisal of scheme design and benefit level.
  • General implications of legislation and other changes.
  • General advice on investment and the selection of investment managers
  • Mean of securing risk benefits including re-broking.
  • Advice on appropriate AVC investment vehicles.
  • Broad implication of proposed sales, mergers and acquisitions.

Member/Benefit Administration

  • Maintenance of comprehensive records for current, deferred and retired members.
  • Calculation and quotation of benefits and options on joining, leaving, disability, retirement and death in response to routine enquiries from both company and members or their advisers.
  • Provision of benefit details, option and transfer values to members or their representatives on leaving, death or retirement.
  • Maintenance of historical records of pensions and their benefits, particularly those benefits subject to revaluation.
  • Making payments as agreed to beneficiaries, DSS, insurers, investment managers and the like.
  • Checking of benefits to ensure that statutory limit and guarantees to members are not infringed.
  • Calculation of Guaranteed Minimum Pensions and State Scheme Premiums as required.
  • Provision of a membership Schedule on an annual basis.
  • Provision of Annual Benefit Statements to current active members.
  • Calculation of cash flows and contributions due, including monitoring of prompt payment and of maintenance of targeted funding levels.
  • Maintenance of all necessary records in connection with Additional Contributions, including liaison with providers to obtain Annual Benefit Statements for members.
  • Monitoring of contributions and benefit levels for members paying AVCs to ensure that statuary limits are not infringed including, where necessary, liaison with the providers of Free-Standing AVC arrangements.

Fund Accounting

  • Maintenance of accounting records for all financial transactions.
  • Preparation of draft annual accounts in accordance with legal requirements.
  • Arranging for audit of the annual accounts by the appointed auditors.
  • Preparation of the formal Scheme Annual Report and Accounts for signature by trustees and auditors.

Communication and Documentation

  • General work associated with the reporting requirements of statuary bodies in connection with approval and contracting-out.
  • Monitoring of documentation to ensure compatibility with changes in legislation and practice, together with advice as to necessary alterations.
  • Negotiation and agreement of specimen documentation with all interested parties.
  • Advice on promotion and communication of pension arrangements to members.
  • Advice on the format and approach for presentations to employees, together with attendance and participation as required.

Other Services

  • Secretarial services to Trustees.
  • Liaise with Scheme Actuaries.
  • Arranging Trustee and pre-retirement courses.
  • Independent financial advice on pensions, savings, investment and assurances to executives, employees, redundant employees and pensioners.

The Financial Services Authority does not regulate Pension Administration.