LONDON, February 22, 2022 – Buck, an integrated HR, pensions, and employee benefits consulting, technology, and administration services firm, has today announced the launch of its new tech-enabled gap analysis solution. The tool helps trustees understand and navigate the governance requirements set out in The Pensions Regulator’s new code of practice, due to be published later this year, and is the first of its kind in the market to be able to deliver such a comprehensive and streamlined solution.
As part of Buck’s award-winning governance toolbox, the platform-based gap analysis solution uses a 42-question digital survey to clarify a scheme’s current governance position. The response to each question generates a traffic-light score and recommendations outlining how trustees can improve each relevant area of governance. The results are presented instantly via an online dashboard and are also available via a downloadable report, creating a summary of the scheme’s overall performance alongside a prioritised plan of action with tailored recommendations to improve scheme governance.
By starting the process early, trustees have the opportunity to define what actions are needed to comply with the extensive governance requirements and to make the necessary changes ahead of the newly-required annual ‘own risk assessment’ (ORA).
Buck’s gap analysis solution is available to all schemes, regardless of whether they need an ORA, and covers all modules in the draft code that form part of the effective system of governance.
David Piltz, U.K. Managing Director at Buck, comments:
“In advance of the new code of practice, trustees need to be thinking ahead about how they can improve their scheme governance, as even well-governed schemes are unlikely to have measures in place to meet every requirement. So, it’s vital that trustees have a good understanding of their current position as early as possible, and this is exactly what our digitally-driven gap analysis solution is designed to do.
“Our tool not only offers trustees insight into their current governance situation, it also provides them with a tailored, trusted, and proportionate approach to meeting those requirements. We’re committed to supporting trustees in preparing for the changes in a way that suits them, while also ensuring that they fulfil their wider strategic objectives.”
About Buck
Buck is an integrated HR, pensions, and employee benefits consulting, technology, and administration services firm. Founded more than 100 years ago as an actuarial consultancy, we’ve evolved to serve organisations and Trustees across the health, wealth, and career spectrum.
With the ultimate goal of securing the futures of our clients’ employees and members, we develop tech-enabled programmes that engage individuals and drive organisational performance. Our award-winning engagement solutions and people-first approach empower the world’s most forward-thinking organisations to protect the physical and financial wellbeing of their employees and members and improve how their people work and live. For more information, visit www.buck.com.
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