Willis Towers Watson Launches OneDB to Offer Complete DB Scheme Management Service
OneDB is designed to simplify the management of DB schemes, as one lead adviser from
For some schemes, a consolidated service such as OneDB will be more appropriate than stand-alone delegation solutions such as insurance buy-ins, fiduciary management, master trusts and commercial consolidators.
The main features of OneDB include:
* Investment and risk management - harnessing economies of scale, better deals are negotiated with investment managers to deliver a lower cost and greater diversified investment solution than many schemes can usually access. When combined with live information on data quality and member options this approach will give a much quicker and lower risk route to the end game.
* Technology based solution - an innovative new tool enabling schemes to view their objectives set out against targets, in real time. This releases trustees from the usual trustee meeting structure allowing them to focus on the key strategic areas which impact on member outcomes.
* Governance - the delegated and streamlined structure means that governance requirements are met by one team of experts, with no duplications of efforts. This also creates a cost effective service which will be appealing to many trustee boards.
* Trustee meeting packs - the one DB tool allows the schemes' strategic adviser to draw out the key discussion points for trustee meetings, making the sessions more efficient and effective.
"Many trustees are facing increased investment complexity and stronger governance requirements, as well as a sharp increase in transfer value requests, and corporate sponsors are trying to find a solution to the strain of weighty DB legacies on their balance sheets, so we've identified the need for a much simpler solution."
"The most effective pension innovations are those which are geared towards making the end user's experience better, so OneDB has been designed with trustees in mind, giving them all the information they need to make strategic decisions in a timely and cost effective fashion. Alongside this we will be providing members with access to online calculations & self-service functionality. This option has been a growing demand on DB schemes since pension freedom legislation, so this instant, clear information goes a long way to addressing the situation."
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