Deloitte and Penbridge Expand Pension Services Partnership

The firms announced an “expanded array of defined benefit plan services” after nearly a year and a half of partnership on risk transfer services.

Deloitte Consulting and Penbridge Advisors are expanding a strategic partnership established in 2014 to bring new defined benefit (DB) plan support services to market.

“Our ongoing alliance with Penbridge Advisors is a natural fit for Deloitte,” says Jason Flynn, principal at Deloitte Consulting LLP and national leader of the Deloitte Human Capital Rewards practice. He suggests Penbridge’s independence and knowledge of DB plan operations are “very compatible with Deloitte’s own capabilities and approach,” which center more on comprehensive advisory and pension risk transfer (PRT) implementation services.

According to the firms, the expanded Penbridge and Deloitte alliance will focus on helping DB plan sponsors “make balanced, well-informed decisions, whether it involves plan maintenance or pension risk transfer.”

Penbridge Advisors’ services under the expanded partnership will include DB expense analysis and benchmarking; independent vendor searches and selection support; customized PRT assessments; buy-out price monitoring; executive education; comprehensive implementation support; and a capital efficient buy-out solution.

Deloitte brings to the partnership expertise in DB actuarial services and supports vendor searches across many of the DB service provider categories. Its PRT services include preparation and execution of lump sum programs and annuity buy-outs, including financial and tax education services and annuity placement services.

Robert Goldbloom, co-founder and principal of Penbridge Advisors, says the firms are “taking the next step in the partnership,” bringing more of Penbridge’s specialized information and advisory services together with Deloitte’s comprehensive advisory and risk transfer implementation capabilities.