THE MONARCH INSURANCE PENSION SCHEME ADMINISTRATION SERVICES
At Monarch Insurance, we offer an array of customized administration services that are benchmarked on best international practice standards and that are highly client-driven to provide the unique needs of our service offering to our clients. These range from back-office support to fully equipped administration and Consulting Department.
The range of Services includes:
• Member-record maintenance
• Data Management
• Benefit calculation & payment
• Pension payment
• Financial Management
• Trustee services, including banking reports and attendance of board of Trustees meetings
• Compliance and regulatory reporting
• Member services, including helplines and online access portals.
• Communications and benefit statements
• Planning, review, and consultation meetings
• Projections statements and
• Online viewing for members and employers and
• HR/Payroll Support.
We have been able to structure our business in such a way that each of our clients has a dedicated team with whom they can interact and build long term, mutually beneficial relationships.
We listen to our clients. Client service starts with an understanding of each client’s needs and objectives. Adding value is our objective for every client.
In particular, we do not believe in providing a “house” or “imported” view. By listening to our clients’ needs, we align our services to deliver the features and solutions most appropriately reflecting the client’s objectives and socio-economic circumstances.
We strive to be proactive in all our areas of business. We view it as our role to approach our clients with any changes in socio-economic factors and industry trends and to pre-empt potential problems before they emerge.
In addition to this, we aim to challenge or question the status quo while at the same time ensuring that we provide understandable and practical advice in tune with current/relevant issues. We approach each assignment with enthusiasm and allocate our resources to ensure we provide a quality service at all times.
In training our staff, we stress the need to communicate clearly with their clients and to ensure that all information provided is set out in a format which is clearly understood and can be digested by people who are not experienced in pension issues.
Some specific aspects of our service approach we would mention are:
- Once every week, in addition to the daily telephone conversations that will take place when required regarding benefit matters, we make contact with the client (either by telephone or visit) to review any issues, report back on matters and intervene on new issues;
- Monthly meetings are held with the client to review the progress of implementation, member concerns, compliance issues and any other relevant matters requiring intervention and advice;
- Bi-annual meetings are held with the board of trustees of which the consultant will attend and participate. The consultant will also prepare and distribute the meeting documentation and provide the secretarial functions at the meeting;
- We also assist the trustees to convene and attend all member annual general meetings;
- Our Training Division also organizes and holds trustee training programs on a range of topics. Member training is also available for the Schemes members;
- An annual newsletter and ad hoc briefs on developments in the sector is provided to the trustees, while the members receive quarterly communication on Schemes related issues.