OneDB is an outsourced defined benefit (DB) pension scheme management solution that brings together all the expertise of our leading actuarial, administration and investment teams into a single, integrated and coordinated “one-stop-shop” solution for trustees as well as corporate sponsors.
OneDB offers a complete service to DB pension schemes so that Trustees and sponsors retain overall control of their strategy and enables members to receive an experience that ensures they are better engaged, educated and empowered with their pension benefits via market leading online self-service functionality - including running quotations.
OneDB delivers innovation to trustees through a “digital first” approach to managing defined benefit liabilities. OneDB delivers:
- Better: OneDB supports trustees to deliver their end-game and journey plan strategies by being able to measure, monitor and manage progress via an online and real-time dashboard that mirrors the type of experience trustees now expect every day from, for example, their personal banking apps and online retailers.
- Simple: It reduces trustee risk by outsourcing the advisory services to a single expert provider to collaboratively deliver the trustees’ end game plans.
- Cheaper: It enables trustees to control costs via a dashboard that delivers efficient governance and “business as usual” oversight where all pertinent information is just “3 clicks” away.
As nearly all trustees are firmly focused on an end-game or journey plan strategy, advisers now need to work more collaboratively to deliver their objectives. OneDB delivers a collaborative “one-stop-shop” approach which reduces risk, minimises cost and improves trustee and member services.
“We found the number of different advisers and others we were using sometimes made communication between them a challenge. We were looking for someone that could offer a cohesive team with good communication and were pleased that WTW was happy to take us on with the OneDB solution. The online software solution will send automatic alerts when the upper or lower investment targets are above or below what has been set. We will all get an email amber warning when the lower limit is reached. That is very helpful for us. We can also talk to an adviser about the next steps if we hit one of our triggers."
Beam UK Pension Plan trustee
