10th July 2007

Small schemes need help to cope with increased regulatory burden

In response to the findings of the latest industry survey, leading Governance Software provider eShare have launched a package specifically designed for smaller schemes.

In this ever changing pensions landscape, smaller schemes have felt the increased burden and pressure of this more greatly regulated environment.

In a recent industry survey, 91% of respondents felt new regulation had added to the pressure already felt by schemes, however, it was also said that smaller schemes should not be exempt from regulation and the need to improve standards in governance.

When asked if industry bodies could be doing more to help smaller schemes cope with this increased burden, 83% of managers said ‘yes’.

Smaller schemes do not necessarily have the resources available in the larger schemes to allocate towards implementing appropriate tools and processes.  However, this does not mean they don’t need these tools.

Availability and access to the necessary tools must be improved.  The Pensions Regulator has played their part by establishing the “Trustee Toolkit” – a free online service; but more needs to be done.

“At eShare we want to provide a solution which helps the whole industry improve standards in governance.  We feel it our responsibility to ensure that the solutions we develop are available to every scheme in the land,” said Alister Esam, Managing Director at eShare.  “We have worked with our clients to produce a package which is dedicated to meeting their needs in respect to scheme management, risk, governance and compliance.”

Through developing a new package specifically for smaller schemes, eShare has ensured that everyone can reap the benefits of governance software.  Smaller schemes can expect to enjoy the following benefits with no contractual obligations:

·         Save time and reduce the burden facing trustees

·         All based on the best practice implementations of eShare’s larger clients

·         An ‘Out-of-the-box’ solution with no implementation costs

·         No commitment through ‘Pay-as-you-go’

·         It can work as a virtual pensions manager for many aspects of your scheme.

·         Ensures schemes adhere to the TKU Code of Practice and improve scheme transparency to The Regulator at no additional effort.

 “Smaller schemes should have access to exactly the same opportunities as larger schemes,” said Esam.  “We want eShare to be an accessible tool for everyone to help them cope with the increased regulatory burden.”

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