Blog

Transitional Provisions: Making complex transition simple

With sponsoring employers increasingly looking at the pension options available to them, and some master trusts deciding to try and give it a go but not succeeding, the consolidation market is ever increasing. Here at BlueSky, our 30 years’ experience allows us to understand the complexities that these sponsoring employers and trustees are facing in managing their pension arrangements. We are aware that the transition process can be a complex one, and it is therefore important to us that we maintain transparency at all times throughout the process. So, how can we make complex transition simple? The key to ensuring a smooth transition process is making sure that all lines of communication are open. This can be via face to face meetings, telephone calls; whatever suits the client. At BlueSky, we have an expert client services team, responsible for ensuring smooth transition for all parties involved, be it trustees of occupational pension schemes or employers with master trusts. A dedicated member of our team guarantees that our clients are communicated with and provided with support through the entire process. Communication is sent regularly to members to ensure that they are kept up to date, and to offer the additional support that they may require. In such a rapidly moving industry where pension schemes are subject to increasing regulation, BlueSky enable you to unburden your responsibilities and transition to a provider that is renowned for professionalism and expertise in DC governance. BlueSky manages more master trusts than any other provider in the UK. It is therefore guaranteed that your pension scheme will be run by experienced professional individuals. Allow BlueSky... read more

The key to achieving successful member engagement

For some time, master trusts have been considered full of disengaged members and employers that simply want to ‘tick the compliance box’ and move away. For us here at BlueSky, this isn’t good enough, and we therefore prioritise member engagement. So, how important is member engagement and how can it be achieved? Maintaining progress with auto enrolment and continuing to move forward in engaging individuals is vital. Whilst we may already have people involved with our pension arrangements, we must acknowledge that contribution rates are set to rise, and some key individuals are likely to find tough times ahead as finances grow tight. Here, member engagement becomes a key strategy for pension schemes, ensuring that members clearly understand the benefits of paying into a pension arrangement. It is all too common to see a retirement letter that not only explains the concept of pensions, but discusses the entire journey, right through to the options available. This is simply too much! We must break down the information that we are providing to our members, whilst drip-feeding them small and digestible amounts of financial education, right from the very beginning of saving. Financial service firms will often find themselves bogged down in terms and conditions and regulations, and can therefore find it difficult to communicate. As an industry, it is our job to cut through this and focus on communicating the correct messaging, at the best point in the process. Engagement has grown to become a widely-discussed topic throughout the industry and will often feature as a focus at industry seminars and events. As recent statistics put daily internet usage for... read more

How do BlueSky ensure great Pension Scheme Governance?

Keeping up to date with the regulatory guidance and legislative requirements associated with running your pension scheme, whilst ensuring that you are fully compliant, can be a challenge. As conversation surrounding pension scheme governance grows, and with effective governance remaining an area of close scrutiny by the Pensions Regulator, here at BlueSky, we’re breaking down what truly great governance looks like, and how it can be achieved. What is pension scheme governance? Governance has become a buzzword for the pensions industry, quite simply meaning to look after your pension scheme. Governance is often misconstrued as being compliance, and simply ‘ticking the box’, however it is far more than reviewing performance reports and selecting providers. Governance is about utilising those compliance tools, whilst ensuring that key decision makers have the time and resources to consider and discuss those important matters that are going to make the difference. When considering how well your scheme is governed, you’ll likely look at your trustees. Although often the first focus of governance, trustees are simply the directors of governance, and do require assistance. Trustees need to be able to apply governance through each of the many different layers of the way in which the scheme is operated. Whether it be at administration level, or through to trustees and scheme management, great governance across the board is vital in ensuring that your pension scheme continues moving forward. So, how do you achieve great governance? To create truly great governance, a robust framework is required. Here at BlueSky, we utilise a strategy that looks specifically at the governance surrounding pension arrangements. We apply this framework to... read more

BlueSky Pensions: Driven by service, not profit

Since its rebrand in 2011, and the Ltd company launch that closely followed in 2013, BlueSky Pensions has grown year on year, now providing services to a number of clients, and around 40,000 pension scheme members, covering administration, governance and consultancy. At BlueSky, we provide exceptional customer service through a dedicated customer service team, great governance through a strategic team that understand the complexities of DC provision, and insight and innovation through key employees with a depth of knowledge, all delivered in a transparent manner. Post auto enrolment, BlueSky are perfectly positioned to be a major provider in the consolidation market with a number of industry leading services, from The BlueSky Pension Scheme, to the Crystal product; built to offer existing DC schemes with competitively priced, authorised and innovatively managed service. BlueSky is one of the most forward thinking businesses in the UK. Our knowledge and understanding of clients’ needs ensure innovative solutions which are tailored to each individual client. View our product list: The BlueSky Pension Scheme One of the largest Master Trusts in the UK, The BlueSky Pension Scheme (TBPS) features on the Pension Regulators list of approved Master Trusts. The scheme is Pension Quality Mark Ready, and an Auto Enrolment qualifying workplace pension scheme. The Crystal Trust Providing managed or flexi access solutions for income from pension savings, allowing individuals the freedom to control their own fund and providing the ability to change. The BlueSky Life Assurance Trust The BlueSky Life Assurance Trust has been written under trust, meaning the benefit can be paid directly to a beneficiary upon death, rather than to the Estate and... read more