New Pension Scheme Service from KPMG
Global consultancy firm KPMG has launched a new pension scheme service, Defined Contribution (DC), which will provide organizations with advices about the design of pension practices, platform provider options, communications among employees, and DC governance delivery and investment services.
KPMG’s new pension scheme comes after Gordon Sharp, director of KPMG’s pensions practice, commented on Chancellor George Osborne’s reported secretive move to cut pensions for nurses, teachers, police authorities, and council workers, saying the rise in petrol cost has already been whipping hard the pensioners.
The new pension scheme will be headed by KPMG’s pensions partner, Gurmukh Hayre, who has been in the pension industry with KPMG for 20 years. Among Hayre’s DC pensions projects was the transition from defined benefit (DB) to DC schemes, creation of new plans, and the restructuring of existing pension schemes.
Hayre said no pensioner should pay for anything more than what he or she needs in the meantime, with the value for money being seen as “an enormous driver right now.”
At present, KPMG’s DC Solutions has 20 professionals coming from its pensions practice, but will likely grow thrice in number “in the short- to medium-term” according to Andrew Cawley, head of pensions at KPMG in the UK, as pension scheme is increasingly focused on DC Solutions.
By 2012, the savings generated by pensioners can be “used to enhance member support/education programmes,” Hayre said, through advising them on how their pension scheme is structured and what delivery methods it employs.