The provision of workplace pensions and wider employee benefits has been an ever-evolving market.
Insurance, pensions and investment used to be relatively separate lines of business in the institutional space, however these have streamlined with the increasing desire to rid corporates of their pensions burden whilst ensuring value, cover and security for the individual. The institutional market has been focused on economies of scale which has created ever greater collaboration and consolidation, bringing insurance, pensions and investment into the same space. This ultimately relies on investment and a rush to secure assets.
This has created a mass of activity in the creation of disruptor businesses such as the consolidators and an increasing emphasis on real asset management solutions - both insured solutions for pensions schemes and pooling for insurance capital. With £30Bn - £60Bn estimates for pension transfer business forecast annually and the large sums being traded in insurance back books, this is a huge area of deal making and is creating demand for those individuals that run capital, find the assets, create the solutions, price the deals and those who can insure them.
Workplace pensions particularly have developed at pace over the last five years.
Through the introduction of auto enrolment, DC schemes and master trusts are now the product typically offered to employees, which is a real growth area of the market and overtime will exceed DB from a contributions and assets perspective.
We are also seeing the wider employee benefits market developing in terms of products and solutions offered. No longer is it simply group risk and healthcare packages as standard, but real focus is being put on employee wellbeing from a financial and mental health perspective. With this we are seeing an increase in flexible working options, employee assistance programmes, and mental health, financial and retirement support being offered as part of the overall benefits package.
Our practice has over 50 years’ experience in this space.
We understand the direction of travel in our markets and we pride ourselves on creating trusted relationships, often well before there is demand for hires. In effect our success come as a natural result of our intensive interviewing and understanding of all clients and candidates alike. Our individual personal relationships with all the key players ensures we understand firms culturally, who would fit which organisation the best, and what organisations should do to further their cause and attract the best possible to talent to achieve that.
We are consultative and innovative in our approach and like to form a partnership which helps advise and guide our clients or candidates on the most appropriate strategy to get their desired results. Due to our exposure and coverage we are able to assist businesses across multiple sectors within the institutional space.
We work with a broad coverage of clients
These include insurance companies, reinsurers, pension funds, asset managers, law firms, investment banks, consultancies, consolidators, fiduciary managers, master trusts, platforms, fintech firms, actuarial and analytical firms, and general insurance businesses.
Our practice also has significant research capabilities. We host a number of seminars each year on current market topics and trends and provide digests and market information on a regular basis. Hanover also produces annual compensation surveys for our major disciplines and we have produced several research reports across our markets.