Barnett Waddingham and Hymans Robertson have each launched new services for defined benefit (DB) schemes, reflecting growing demand for stronger governance and more responsive oversight.
Barnett Waddingham’s Lighthouse tool is designed to replace quarterly reports with continuous monitoring. Drawing on regular manager data feeds and the consultancy’s proprietary funding tracker, the new service alerts consultants when elements of a scheme’s strategy move outside pre-set tolerances. Coverage spans asset allocation, hedging, collateral, liquidity, and manager ratings.
Ian Mills, partner and head of DB endgame strategy at Barnett Waddingham, said trustees were currently reliant on “backward-looking reports to make forward-looking decisions”.
He added: “While individual savers have benefited from real-time online tools for years, institutional investors, including pension schemes, have often lagged behind. Lighthouse helps close that gap and allows our clients to be more proactive, informed and in control.”
This launch follows Hymans Robertson’s introduction of a new governance service to help corporates strengthen collaboration with trustees and align their schemes with regulatory expectations.
Laura Andrikopoulos, head of corporate governance at Hymans Robertson, explained: “DB pension scheme decisions are becoming much more complex, particularly as schemes head towards endgame and now with the added complexity of surplus management.
“With increased regulatory scrutiny, especially on trustee appointments and oversight, the ability to demonstrate robust, fit-for-purpose governance is critical.
“Aligning pension scheme governance with wider corporate governance principles not only ensures compliance, but also builds resilience and trust in a rapidly evolving environment.”
Consultancy groups have been gradually increasing their additional services offered to pension schemes over the past few years. Several provide ‘streamlined’ processes for small DB pension schemes targeting the bulk annuity market.
Last year, LCP took over the provision of executive, governance and risk management services for the £11.8bn National Grid UK Pension Scheme.
