What makes a great pension scheme?

How Crystal stays ahead of the Regulation game
  • Pensions is a fast paced industry with regular changes to legislation, which can become even more acute with a changing Government. Employers and Trustees can spend inordinate amounts of time planning for change, communicating effectively and managing risk. This is not only time consuming but costly too, with legal advice, system changes and communication reviews to name but a few.
  • There is a whole new world of accountability for master trusts (schemes for multiple, unconnected employers) detailed in the Pension Schemes Act 2017, with a new authorisation regime that clearly aims to remove some weeds from the pensions industry, those badly intentioned and poorly run master trusts.
  • These increasing requirements for master trusts will inevitably cascade to other Defined Contribution schemes in due course as members’ expectations of a well-run pension arrangement increase and the Pensions Regulator uses its increasing powers to raise the standards for all. There is a real danger of schemes falling behind and exposing members to risks.

Good governance keeps a scheme afloat; great governance keeps a scheme striving forward for the best outcomes for members. Crystal utilises in-house governance experts to create a structure around and with the Trustee, to ensure watertight risk management.

How Crystal empowers members to make better decisions
  • Pensions is too complex a matter to document in one long booklet or retirement communication, it is about getting the right message at the right time, drip feeding financial education throughout membership and focusing on the key matters at high engagement points.
  • How to approach engagement is a matter widely discussed across the pensions industry but BlueSky believe you must utilise technology. There are still going to be members who would like a piece of paper but this is rapidly reducing– over 80% of adults in the UK use internet daily, we are slaves to our smartphones.
  • Employers are also vital in this chain of engagement, Crystal promotes partnerships with our clients so we can work together to educate and inform members, which ultimately will improve their outcome in retirement.

Keeping up with legislation and the raised benchmark for pension schemes is going to prove too much for many and the ‘do it later’ approach will simply not be good enough. Crystal has been positioned as a real option for those employers and Trustees who need to reduce the risks, resources and costs associated with running their own pension arrangement.

How Crystal ensures better governance reduces risk
  • Governance is looking after a pension scheme correctly at every level of the operation and becomes the mortar that keeps a scheme together but it must be structured, regular and documented. Well intentioned employers, scheme managers and Trustees may be attempting to monitor providers, review reports and set up policies but without a clear strategy, cracks will appear.
  • Trustees are often the first focus, they are the directors of governance but truly great governance needs specific governance strategy, robust framework and application across all levels of the operation of a scheme.
  • Governance is not just about compliance and staying in line with the regulations, it is enabling the Trustees and other key individuals to make clear and educated decisions in a risk controlled environment. Just ticking the box is not good enough.

Successful engagement is not about creating experts but encouraging better decision makers. Crystal ensures member and employer engagement is a strategy discussed at all levels, from Trustees through to administrators, ensuring Crystal members feel at ease with the decisions they make and understand how to get the most from their membership.

How Crystal gives members real choice throughout membership
  • Members can be saving in a pension scheme for in excess of 40 years. Alongside banking and mortgages this is the longest financial relationship individuals will have. The investment options members are offered need to be risk managed, diverse and responsive to the changing world.
  • When members enter a pension arrangement they are expecting to save for a pension, an income in retirement. What they are actually getting is a way of saving until they decide to leave employment and then, in most cases, sent out into the open market to find their own way to a retirement income.
  • Pensions Freedoms came into force in April 2015, yet few schemes have implemented changes as a result and in time this lack of action could manifest itself as a real risk as members ask why they weren’t given better options.

Crystal offers award winning investment choices and has been providing members with access to comprehensive drawdown options built within Crystal since Pensions Freedoms came into force, enabling members to take advantage of the flexibility available and make retirement work for them.

How Crystal stays ahead of the Regulation game
  • Pensions is a fast paced industry with regular changes to legislation, which can become even more acute with a changing Government. Employers and Trustees can spend inordinate amounts of time planning for change, communicating effectively and managing risk. This is not only time consuming but costly too, with legal advice, system changes and communication reviews to name but a few.
  • There is a whole new world of accountability for master trusts (schemes for multiple, unconnected employers) detailed in the Pension Schemes Act 2017, with a new authorisation regime that clearly aims to remove some weeds from the pensions industry, those badly intentioned and poorly run master trusts.
  • These increasing requirements for master trusts will inevitably cascade to other Defined Contribution schemes in due course as members’ expectations of a well-run pension arrangement increase and the Pensions Regulator uses its increasing powers to raise the standards for all. There is a real danger of schemes falling behind and exposing members to risks.

Good governance keeps a scheme afloat; great governance keeps a scheme striving forward for the best outcomes for members. Crystal utilises in-house governance experts to create a structure around and with the Trustee, to ensure watertight risk management.

How Crystal empowers members to make better decisions
  • Pensions is too complex a matter to document in one long booklet or retirement communication, it is about getting the right message at the right time, drip feeding financial education throughout membership and focusing on the key matters at high engagement points.
  • How to approach engagement is a matter widely discussed across the pensions industry but BlueSky believe you must utilise technology. There are still going to be members who would like a piece of paper but this is rapidly reducing– over 80% of adults in the UK use internet daily, we are slaves to our smartphones.
  • Employers are also vital in this chain of engagement, Crystal promotes partnerships with our clients so we can work together to educate and inform members, which ultimately will improve their outcome in retirement.

Keeping up with legislation and the raised benchmark for pension schemes is going to prove too much for many and the ‘do it later’ approach will simply not be good enough. Crystal has been positioned as a real option for those employers and Trustees who need to reduce the risks, resources and costs associated with running their own pension arrangement.

How Crystal ensures better governance reduces risk
  • Governance is looking after a pension scheme correctly at every level of the operation and becomes the mortar that keeps a scheme together but it must be structured, regular and documented. Well intentioned employers, scheme managers and Trustees may be attempting to monitor providers, review reports and set up policies but without a clear strategy, cracks will appear.
  • Trustees are often the first focus, they are the directors of governance but truly great governance needs specific governance strategy, robust framework and application across all levels of the operation of a scheme.
  • Governance is not just about compliance and staying in line with the regulations, it is enabling the Trustees and other key individuals to make clear and educated decisions in a risk controlled environment. Just ticking the box is not good enough.

Successful engagement is not about creating experts but encouraging better decision makers. Crystal ensures member and employer engagement is a strategy discussed at all levels, from Trustees through to administrators, ensuring Crystal members feel at ease with the decisions they make and understand how to get the most from their membership.

How Crystal gives members real choice throughout membership
  • Members can be saving in a pension scheme for in excess of 40 years. Alongside banking and mortgages this is the longest financial relationship individuals will have. The investment options members are offered need to be risk managed, diverse and responsive to the changing world.
  • When members enter a pension arrangement they are expecting to save for a pension, an income in retirement. What they are actually getting is a way of saving until they decide to leave employment and then, in most cases, sent out into the open market to find their own way to a retirement income.
  • Pensions Freedoms came into force in April 2015, yet few schemes have implemented changes as a result and in time this lack of action could manifest itself as a real risk as members ask why they weren’t given better options.

Crystal offers award winning investment choices and has been providing members with access to comprehensive drawdown options built within Crystal since Pensions Freedoms came into force, enabling members to take advantage of the flexibility available and make retirement work for them.

How Crystal stays ahead of the Regulation game

  • Pensions is a fast paced industry with regular changes to legislation, which can become even more acute with a changing Government. Employers and Trustees can spend inordinate amounts of time planning for change, communicating effectively and managing risk. This is not only time consuming but costly too, with legal advice, system changes and communication reviews to name but a few.
  • There is a whole new world of accountability for master trusts (schemes for multiple, unconnected employers) detailed in the Pension Schemes Act 2017, with a new authorisation regime that clearly aims to remove some weeds from the pensions industry, those badly intentioned and poorly run master trusts.
  • These increasing requirements for master trusts will inevitably cascade to other Defined Contribution schemes in due course as members’ expectations of a well-run pension arrangement increase and the Pensions Regulator uses its increasing powers to raise the standards for all. There is a real danger of schemes falling behind and exposing members to risks.

Keeping up with legislation and the raised benchmark for pension schemes is going to prove too much for many and the ‘do it later’ approach will simply not be good enough. Crystal has been positioned as a real option for those employers and Trustees who need to reduce the risks, resources and costs associated with running their own pension arrangement.

How Crystal ensures better governance reduces risk

  • Governance is looking after a pension scheme correctly at every level of the operation and becomes the mortar that keeps a scheme together but it must be structured, regular and documented. Well intentioned employers, scheme managers and Trustees may be attempting to monitor providers, review reports and set up policies but without a clear strategy, cracks will appear.
  • Trustees are often the first focus, they are the directors of governance but truly great governance needs specific governance strategy, robust framework and application across all levels of the operation of a scheme.
  • Governance is not just about compliance and staying in line with the regulations, it is enabling the Trustees and other key individuals to make clear and educated decisions in a risk controlled environment. Just ticking the box is not good enough.

Good governance keeps a scheme afloat; great governance keeps a scheme striving forward for the best outcomes for members. Crystal utilises in-house governance experts to create a structure around and with the Trustee, to ensure watertight risk management.

How Crystal empowers members to make better decisions

  • Pensions is too complex a matter to document in one long booklet or retirement communication, it is about getting the right message at the right time, drip feeding financial education throughout membership and focusing on the key matters at high engagement points.
  • How to approach engagement is a matter widely discussed across the pensions industry but BlueSky believe you must utilise technology. There are still going to be members who would like a piece of paper but this is rapidly reducing– over 80% of adults in the UK use internet daily, we are slaves to our smartphones.
  • Employers are also vital in this chain of engagement, Crystal promotes partnerships with our clients so we can work together to educate and inform members, which ultimately will improve their outcome in retirement.

Successful engagement is not about creating experts but encouraging better decision makers. Crystal ensures member and employer engagement is a strategy discussed at all levels, from Trustees through to administrators, ensuring Crystal members feel at ease with the decisions they make and understand how to get the most from their membership.

How Crystal gives members real choice throughout membership

  • Members can be saving in a pension scheme for in excess of 40 years. Alongside banking and mortgages this is the longest financial relationship individuals will have. The investment options members are offered need to be risk managed, diverse and responsive to the changing world.
  • When members enter a pension arrangement they are expecting to save for a pension, an income in retirement. What they are actually getting is a way of saving until they decide to leave employment and then, in most cases, sent out into the open market to find their own way to a retirement income.
  • Pensions Freedoms came into force in April 2015, yet few schemes have implemented changes as a result and in time this lack of action could manifest itself as a real risk as members ask why they weren’t given better options.

Crystal offers award winning investment choices and has been providing members with access to comprehensive drawdown options built within Crystal since Pensions Freedoms came into force, enabling members to take advantage of the flexibility available and make retirement work for them.