First written 9 February 2012
The Daily Mail says goodbye to their long serving Pensions Director soon, as Geoffrey Staines retires (Professional Pensions 9/2/12).
Geoffrey cost me a lot of money. I used to work for a media firm and was part of an industry group along with Geoffrey. Each year he provided tickets for the Ideal Home Exhibition, sponsored by the Daily Mail. I couldn’t go but my wife did…. Geoffrey cost me a lot of money!
Geoffrey’s retirement has allowed the Daily Mail to change things around. They are appointing a Group Reward Director instead of a Pensions Director. There is a trend here. Over the years, there has been a pretty constant move to outsourcing pension administration. As this happens, pension departments have been closed or merged with other HR related activities. And Pension Managers have been replaced with Benefits Managers, Reward Directors etc. (As one ex Pensions Manager announced, ‘I’ve been deleted!’)
Against this trend, I’ve heard of a couple of companies recently, contemplating bringing their pension administration back in house. This is due to auto-enrolment and the number of zero’s on the end of the charges from third party administrators for managing the new regime. Are we seeing a reversal of the outsourcing trend? Or will we continue to see Pension Managers replaced by Reward Directors?
The Daily Mail says goodbye to their long serving Pensions Director soon, as Geoffrey Staines retires (Professional Pensions 9/2/12).
Geoffrey cost me a lot of money. I used to work for a media firm and was part of an industry group along with Geoffrey. Each year he provided tickets for the Ideal Home Exhibition, sponsored by the Daily Mail. I couldn’t go but my wife did…. Geoffrey cost me a lot of money!
Geoffrey’s retirement has allowed the Daily Mail to change things around. They are appointing a Group Reward Director instead of a Pensions Director. There is a trend here. Over the years, there has been a pretty constant move to outsourcing pension administration. As this happens, pension departments have been closed or merged with other HR related activities. And Pension Managers have been replaced with Benefits Managers, Reward Directors etc. (As one ex Pensions Manager announced, ‘I’ve been deleted!’)
Against this trend, I’ve heard of a couple of companies recently, contemplating bringing their pension administration back in house. This is due to auto-enrolment and the number of zero’s on the end of the charges from third party administrators for managing the new regime. Are we seeing a reversal of the outsourcing trend? Or will we continue to see Pension Managers replaced by Reward Directors?
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