Strategic Business Plan

We know that those who have a clear strategy tend to be more effective in reaching their goals. The same is true in relation to pension arrangements. Whatever your situation, understanding what you want to achieve across a range of areas, including your financial objectives, and also your member experiences and governance aims ensures that all activity is aligned to what you are seeking to achieve. What’s right for a scheme heading towards buy-out looks very different to a scheme where members are continuing to build up pension benefits. This feeds into a range of areas, including investment strategy, how you engage with your members, your administration and data interface risks, and how your governance is structured.

A business plan is more than just a calendar of events — it helps you think through what activity is needed and when, in what order actions need to be tackled and importantly what actions do not take you towards your ultimate goal. We can support you in working with your other advisers to link all the elements together into a holistic plan, helping you assess what's feasible in what timeframe, what activities are dependent on other elements, and therefore the most efficient path through the programme of work.

We can then create a governance framework that puts some rigour around that — risk/return analyses can be used to ensure focus is on those that bring optimal results first; agenda items are considered in the context of how they support the long-term goals; clear measurable targets for achievement each year and support in reviewing performance against these objectives. Resources can then be assessed (using our skills and diversity assessment if required) to ensure that you have the right people supporting in the right areas, and that these value-add projects can be completed in the timeframes agreed.

Linking the strategic objectives to the strategic risk register, which is used to support active decision-making, ensure that both the risks and the opportunities that support the long-term goals are monitored on an active basis.

Circumstances change, market opportunities come and go — we can help you review your strategic business plan on a regular basis to ensure that it remains fit for your purpose.