JLT Employee Benefits signs up to RiskFirst’s PFaroe to manage pension risk in real-time
26 May 2015
RiskFirst’s web-based pensions risk analytics platform, PFaroe, will enable JLT Employee Benefits to provide pension scheme sponsors and trustees with far more accurate and up-to-date information on their risk position – allowing real-time advice on de-risking solutions.
JLT Employee Benefits – one of the UK’s leading providers of employee benefits services – has adopted RiskFirst’s real-time analytics and reporting platform, PFaroe, enabling another 400+ UK pension schemes to benefit from PFaroe’s analytics. JLT Employee Benefits will use it as a tool to add value to its advisory services, allowing it to provide defined benefit (DB) pension scheme clients with up-to-date funding valuations and real-time scenario testing and risk management advice. Access to the system’s web-based dashboard, showing a snapshot of scheme valuations and risk analysis, will also be rolled-out to all direct DB clients.
Malcolm Reynolds, Managing Director, JLT Employee Benefits, says: “The pensions market has developed rapidly with sponsors and trustees now requiring a much better, and regular, flow of scheme information in order to improve liability and risk management. Without question, this need has become even more important in the low interest rate environment. PFaroe allows us to sit down with clients and explore, in real-time, the impact of varying assumptions and economic conditions on their funding position – and in a way that they can readily understand given the intuitive nature of the system. Ultimately, this will drive more effective de-risking strategies.”
Matthew Seymour, Managing Director, RiskFirst, comments: “JLT Employee Benefits shares our philosophy when it comes to what constitutes best practice in pension risk management – and we are delighted that they have chosen PFaroe as the tool to help them achieve their objectives. PFaroe is an ever-evolving product and we look forward to working alongside them in order to continue to add value to their service offering in response to further market developments.”
Reynolds adds: “Partnering with RiskFirst allows us to combine our actuarial skills and expertise with their technological leadership and dedication to the maintenance and development of their system – which we think is a very strong proposition for clients, both current and prospective.”
About JLT Employee Benefits
JLT Employee Benefits is one of the UK’s leading employee benefit providers offering a wide range of benefit and pension services, including administration, actuarial and pension consultancy, investment, Self Invested Personal Pensions (SIPPs) and Small Self Administered Schemes (SSASs) administration, flexible benefits, healthcare, benefit communication and financial education.
JLT Employee Benefits employs over 2,200 professionals throughout the UK and in 2014 had revenues of £183.3m in UK & Ireland.
Pensions and employee benefits companies within the JLT Employee Benefits group of companies include: JLT Benefit Solutions Ltd, Profund Solutions Limited, JLT Wealth Management Limited, JLT Investment Management Limited and Independent Trustee Services Limited. JLT Employee Benefits is part of Jardine Lloyd Thompson Group plc.
About Jardine Lloyd Thompson Group plc
Jardine Lloyd Thompson is one of the world’s leading providers of insurance and employee benefits related advice, brokerage and associated services. JLT’s client proposition is built upon its deep specialist knowledge, client advocacy, tailored advice and service excellence.
JLT is quoted on the London Stock Exchange and owns offices in 41 territories with more than 9,500 employees. Supported by the JLT International Network, it offers risk management and employee benefit solutions in 135 countries.