Dalriada Trustees has launched an integrated consolidation service that seeks to deliver trusteeship, governance, administration and all daily operations associated with defined benefit (DB) pension schemes.

Under the model, Dalriada.Together, pension schemes will retain their control over their investments and scheme journey planning.

Dalriada Trustees said the holistic approach “streamlines and optimises” the services it covers, and the model aims to provide efficient, cost-effective scheme management, powered by pensions technology software solution Mantle.

Under this approach, scheme advisers and other third parties will be managed through panels, selected by Dalriada, to deliver their services and responsibilities within a single fee.

Furthermore, the board of trustees mirrors the existing structure, with full responsibility for regulatory compliance sitting with the Dalriada team.

Dalriada said that its model allowed company representatives to focus on their wider corporate responsibilities, removing actual or perceived conflicts of interest.

There are currently 25 schemes already working with Dalriada.Together.

Commenting on the launch, Dalriada Trustees director responsible for Dalriada.Together, Vassos Vassou, said: “Running a DB pension scheme is more complicated, time-consuming, and riskier than ever. Through our high-quality trusteeship and governance offering, Dalriada.Together works with employers and pension scheme sponsors to ease the burden and mitigate the risks.

“We emphasise close collaboration and the benefits of consolidation of services to ensure strategic objectives are delivered effectively and efficiently. We act as a single point of contact for the members, the sponsor and the advisers.

“While this approach could be adopted by any scheme, we believe that this will be particularly attractive to those schemes which may be looking to access an affordable and robust governance, administration and investment solutions and have been unable to find them thus far.

“We are also looking to work with others in the market who may wish to join our panels and continue to deliver best outcomes for our clients.”

Dalriada Trustees managing director, Chris Roberts, added: “The running cost of smaller pension schemes can appear poor value for money on a cost per member basis. Dalriada.Together provides a direct response to The Pensions Regulator’s call for innovation in governance for smaller schemes.”

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