Pensions
PMI offers customized pension plans, including defined contribution, defined benefit and hybrid pension plans.
Customised Pension Solutions
Robust Governance Frameworks
Compliance with Both Single and Multi-Jurisdictional Regulations
Types of Pension Plans
Defined Contributions (DC) Pension Plan
A type of pension plan in which the employer and/or member has set aside a certain amount or percentage of pensionable earnings (income) to be invested each year, for the benefit of the member. PMI offers the following solutions for DC Plans:
• Multi-Employer Pension Plan (MEPP) – Single Jurisdiction
• Stand-Alone Pension Plan – Single Jurisdiction
• Stand-Alone Pension Plan – Multiple Jurisdiction
Defined Benefits (DB) Pension Plan
A type of pension plan in which the employer promises to pay a specified monthly benefit on retirement, which is predetermined based on a pension formula. PMI offers the following solutions for DB Plans:
• Stand-Alone Pension Plan – Single Jurisdiction
• Stand-Alone Pension Plan – Multiple Jurisdiction
Hybrid
A type of pension plan which contains elements of both a Defined Benefit and a Defined Contribution pension plan. PMI offers the following solutions for Hybrid Plans:
• Stand-Alone Pension Plan – Single Jurisdiction
• Stand-Alone Pension Plan – Multiple Jurisdiction
PMI’s Pension Plan Solutions
Multi-Employer Pension Plan (MEPP)
Multi-Employer Pension Plans (MEPP) provide a cost- effective solution for organizations to offer retirement programs through a shared plan structure. MEPPs are designed to accommodate multiple employers while maintaining compliance and tailored governance, allowing companies to provide comprehensive benefits without the added responsibilities of managing a standalone pension plan.
PMI works closely with Associations, Co-Operatives, Organizations, etc., to develop and establish a formal Pension Plan structure, including customized governance documents (Trust Deed, Plan Rules, and Investment Policy Statement) which complements the operations of the Association, Co-Operative, Organization, etc. and meets all regulatory requirements within their jurisdiction. The customization of the governance documents allows for the development of a turnkey solution to offer as a benefit for the Member Companies and assist in the retirement planning for Plan Members.
Stand-Alone Pension Plan - Single / Multiple Jurisdiction
A Stand-Alone Pension Plan is created specifically for a company or organization who wish to maintain control and ownership of their own formal Pension Plan. The governance documents and structure of the Plan are tailored to enhance the operational efficiencies of the Plan Sponsor and to comply with all regulatory requirements within the jurisdiction.The Plan Sponsor has absolute discretion to tailor the Plan specific to the needs and desires of the organization.
A Stand-Alone Pension Plan is established as a Trust, with its own Board of Trustees appointed to maintain the Plan and who remain the authorized signatories of the Plan and its associated accounts.
Pre-existing Pension Plans
For Clients with a pre-existing pension plan, PMI offers consultancy services regarding reviewing, amending, updating, and revising the Plan’s governance framework.
With regards to Defined Benefits pension plans, PMI can also assist with reconciling, liaising with actuaries, and revising the Plan to ensure economic viability, and if desired, converting the Plan to a Hybrid with both Defined Benefits and Defined Contribution characteristics.
Ongoing Management and Administration
PMI also provides ongoing management and administration services for Pension Plans, including supervising all aspects of the Plan and ensuring the execution and compliance of day-to-day activities with the Plan’s governance documents. On a quarterly basis or as requested, the Plan Sponsor will receive Reports, reconciling the Plan activities over specified periods or real-time updates. Members are provided with online access to view their account information and access statements.
