Fidelity International has launched a new administration service for companies with closed defined benefit (DB) pension schemes, who are looking to open a new defined contribution (DC) pension scheme or have an existing DC scheme in place with Fidelity.
Fidelity’s new service offers a fully bundled proposition that supports both DB and DC schemes, has one point of contact and gives companies the opportunity to exercise greater control over their benefit spend.
The DB Administration service, provided in conjunction with rpmi, one of the UK’s leading providers of DB services, includes record keeping, statement provision, pensioner payroll and regulatory reporting. Unlike many administration services, it also offers companies and members single access to DB and DC benefit statements plus other pension details online, via Fidelity’s secure website PlanViewer.
“This is a major new offering for our clients,” says Colin Williams, executive director, defined contribution business, Fidelity International. “With in increasing number of defined benefit scheme closures, our new administration service aims to help companies address the cost and administrative issues associated with legacy pensions, in a manner consistent with the administration of their DC scheme. Our fully bundled solution enables companies to outsource to an experienced provider, control costs and work with one relationship director across both pension schemes.”