Retirement Fund Consulting Services 4

Retirement Fund Consulting Services 4

CITO Benefits is well placed to provide consulting services for the Bilfinger due to our independent position. We can provide the following consulting services to the Bilfinger:

Strategic Review And Benefit Design

The consultant helps plan the strategic direction of the employee benefits arrangements upfront and each year to ensure the benefits encourage productivity, loyalty and engaged employees, whilst protecting future financial security. Data analysis and industry insights are used where possible to ensure that the decisions that are made, are appropriate for your employees.

Advice

The fund consultant is qualified and up to date on their continued professional development. The fund consultant provides you with accredited advice on benefit structuring, contribution rates, risk benefits, investments, communication and legislative changes

Investments

General investment advice is provided in the context of the retirement fund. If the retirement fund has appointed a specialist asset consultant, the fund consultant will liaise with the asset consultant to provide services to the fund

Operational Effectiveness

The consultant ensures operational effectiveness and smooth running of your fund. This includes setting up meetings, providing secretarial services like preparing agenda packs and taking of minutes

Training

The fund consultant provides training to the employer and its human resources staff. The consultant provides a monthly newsletter that includes legal updates on topical issues.

Member Communication

The fund consultant prepares written communication material in addition to that which is provided by the fund itself. Member presentations at induction for new employees will be included as well as an annual presentation to existing members

Legal

The fund consultant will review the fund’s special rules and arrange for drafting and amendments by the fund administrator.

BENEFIT DESIGN USING DATA ANALYTICS-
We believe it’s critically important to know whether your members are on track to receive adequate income in their retirement. It’s not good enough to only benchmark your retirement fund against others in your industry, you need to ensure that your members are able to reach a comfortable retirement income. The goal is to ensure better outcomes for retirees. Our team will help you use your fund’s data in our SmartGuide to make decisions on your retirement fund’s benefits and contributions.

We use the data analysis to assist you in determining the benefits strategy. The strategy can then be tailored to the specific issues that your members are experiencing.

The data analysis will help you better understand the effect of the costs of factors such as the cost of existing benefits and contribution rates on the income that members can expect when they retire. This data analysis and our industry insights are used to ensure that the decisions you make are appropriate for your membership.

We will use our SmartGuide to help you design and measure the most appropriate benefit structure to meet the needs of your members. We will help you understand legislative issues that affect your fund and ensure that your benefit structure complies with legal requirements.

COMMUNICATION STRATEGY INFORMED BY DATA ANALYSIS-
The consultants use the data analysis from the SmartGuide to assist the you with setting your retirement fund communication strategy. The message being communicated can then be tailored to the specific issues that the members are experiencing.

It’s not enough for you to know the overall status about whether your members will receive enough income in retirement. Members need to know what income they are likely to receive in retirement. Members should be reminded to use the projection statements and calculators that are available to consider all the retirement savings they have, and what the effect of additional savings would be on the expected income in retirement.

THE CONSULTANT WORKS WITH THE FINANCIAL PLANNER-
The fund consultant will work closely with a financial planner to ensure that consistent message is provided to members. The financial planner can assist with induction presentations for new members, financial wellbeing presentation for members, exit presentations if there are retrenchments or members leaving the fund, pre-retirement presentations for members and on-site consultations.

The financial planner can assist members who don’t have a financial planner with reviewing their savings and insurance benefits. This can include short- and long-term savings, and investment information. Assistance with short term insurance is also available. The financial planner can help members that need to draft or review their wills. They can also help with setting up of trusts.