Pension funds are like a house, and in a house you have your utilities provider, your electricity provider and various other providers to ensure the house has heating, electricity and therefore an adequate space to live in. In the same way, pension funds need providers to run efficiently and optimally, and help them provide the best service to its members. However, like the providers for a house, they are sometimes not up to standard, for example, they might not be fulfilling their contractual obligations or overcharge for their service from a previous agreement. In these situations, a large review is clearly necessary. Indeed, without a review how can you ensure that the provider’s service agreements are still competitive? In other words, you can’t!
Pension funds need to be thinking about a few important questions in the review, for instance:
- Are we still paying the right price for our provider?
- Are the contracts still up to standard?
- Is there a more affordable option which provides a better service?
These types of questions must be thought about critically by the pension fund for its future success.
We at Avida can help facilitate this process through our concrete tools which evaluate these key questions and can help the pension fund decide for themselves whether their providers are actually helping them achieve their goals in action and not just name.
Avida can help your organisation assess your service providers through our comprehensive systems and questionnaires. We have a unique external scoring methodology which highlights red flags in your service provider and helps you make a judgement on whether your service provider is still fulfilling their contract and service agreement.
For more information about what we can offer, please get in touch.