Enabling the move from defined benefit to defined contribution
The move from a defined benefit to defined contribution pension system looks very different across Europe and the UK. But it’s a journey we’ve been on many times.
Whether you’re a master trust, a third party administrator, an insurer, or an employer, we can help you navigate the dynamics of consolidation, wind-downs, buy-outs, DB scheme transformation and more.
Defined contribution scheme consolidation
Whether you’re a consolidator or an administrator with a back book of DC schemes, you can unlock huge economies of scale by using the Lumera platform to bring multiple DC schemes into a single instance.
It means you can eliminate tech debt and retire fragmented legacy systems without losing any granularity. Automate daily administrative tasks and use fine-grain controls to manage things like contributions, investments and compliance on a per-employer basis.
You can even provide experiences that empower individual end-customers — like personalised communications, connectivity to dashboards and member portals.
Defined benefit endgame strategies
We’ve got a strong track record in helping to facilitate the wind-down and buy-out process for defined benefit schemes, for employers, insurers and administrators.
Our data consultancy services help to prepare the accuracy and readiness of pension data for bulk annuity transactions, so that employers can transition liabilities to insurers efficiently, transparently and confidently.
And our platform makes it simple to automate key wind-down processes like benefit recalculations, liability tracking and customer engagement, to understand and secure your current and future obligations to members.
Defined benefit to defined contribution transfers and conversions
The Lumera platform simplifies the complexity involved in transferring and converting defined benefit schemes into defined contribution schemes.
It’s a foundation that can help you unwind and rectify years of accumulated errors caused by inconsistent and inaccurate data fragmented across end-of-life systems.
Once implemented, it automates the manual tasks involved in protecting accrued benefits, like the valuation and transfer of entitlements and the communication of any changes to members.
It’s also built on a shared delivery model, which helps to strengthen compliance for all users as new regulatory requirements unfold.
One solution to manage DB and DC schemes
Whatever mix of DB and DC schemes you manage, the inherent flexibility of Lumera’s solutions means you can consolidate your data sources and legacy tech footprint into a single customer view.
Using Lumera to manage both your DB and DC schemes means you get a joined-up view of your entire operational landscape, so you can track liabilities, contributions and scheme performance across every member.
It also frees you to focus on innovating the member experience, by providing end-customers with things like personalised communications, accessible information through dashboards and seamless self-service tools.
Our clients
Our clients represent the entire range of companies in the Life and Pensions industry.
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