Choosing your EOSB Fund Manager
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Why choosing a fund manager is the most critical decision
This short video explains what HR Managers, CFO’s and CEO’s should consider before choosing a Fund Manager for End-of-Service Benefits under the new system.
Why is this important?
The choice of fund manager is the most critical decision for employers that is taken on behalf of their employees. From system capabilities, customer service, EOSB plan features, range of funds, performance of funds, third-parties involved in the fund managers service delivery and administrative processes, the choice of the fund manager has a significant bearing the user experience and finances of employees that affects the ultimate outcomes for HRs and their organizations.
Moreover, changing fund managers later due to poor fund performance, customer service, or system issues is cumbersome and is not a given. Think about, the transfer of sensitive employee records from one fund manager to another which is partly why approval to change fund managers may not be easily granted.
Therefore, Pensions Monitor advises companies to thoroughly evaluate the offerings of multiple fund managers before enrolling – including their administrative capability, service quality, EOSB plan features and fund performance.
To help employers in this critical decision making process, Pensions Monitor rates EOSB plans and funds across several criteria so you know which plan is better suited for your organization.
Pensions Monitor's Rating Methodology
Each EOSB Fund Manager is different.
The choice of funds on offer will vary, the fund charges will differ and so will the performance of funds. The asset management experience of the fund manager is also an important consideration. Finally, the Fund Manager’s quality of service to both employees as well as HR Departments is very much dependent on the third-parties engaged by each Fund Manager for the provision of systems, customer support and other services.
To compare EOSB plans and funds across the various parameters, Pensions Monitor has developed a comprehensive rating methodology that is a useful reference in your Fund Manager selection process.
You can access our EOSB Plan and fund ratings by subscribing to our EOSB Performance Reports.
Optionally, you can monitor and analyse EOSB Funds yourself
You can also monitor and analyse EOSB Fund performance yourself by subscribing to PM’s Fund Analytics Tool that give you access to the historical performance of all EOSB funds in the UAE, compared to our EOSB Fund Performance Report which reports on a quarter at a time.
We believe this tool is key in making sure that the Fund manager you have chosen, and the funds they offer, are and remain competitive.
With EOSB Fund AnalyticsTM Package, you will get access to our analytical reports and online tracking tool, that gives you detailed information about the best funds, and ranking of the EOSB plans.
An independent fund rating is great, but don't forget to ask your employees
We at Pensions Monitor believe that employees are the most important stakeholder in this transition process. EOSB is an Employee Benefit, hence employees must take centre stage.
Therefore, we advocate that employees should have a say in the choice of Fund Manager.
To facilitate this process, Pensions Monitor has designed the PM Scheme Choice TM Package. This package gives you and your employees access to an interactive three part eLearning course:
Module 1: Explains what the change is about, and how the new End of Service Benefit saving scheme works.
Module 2: Briefly presents each available Fund Manager and what they offer.
Module 3: Employees feedback is gathered, in particular which aspects of the scheme are most important to them, and which Fund Manager offering they like most.
In addition, there is a bonus eLearning module aimed at HR staff, that provides a very detailed briefing on the technicalities and rules of the new scheme.
That way, employees will have a say in the process. HR department and company management will be informed about employees preferences and wishes, and can consequently make a smarter decision, on behalf of all employees.
Supporting your employees to grow their savings will go a long way
With the new EOSB Savings scheme, employees will be responsible for managing their own savings. Many of them making investment decisions for the first time. While employers are not accountable for the investment decisions of their employees, employers can take on a moral role of provide the requisite education for their employees financial well-being.
With Pensions Monitor’s Employee Financial Literacy Course, you and your employees will get access to the following interactive eLearning modules to help improving the financial literacy of your workforce:
Why saving early for your retirement is important different fund classes, which is best for you?
Guaranteed funds – a good idea?
Concept of Risk and Return
Each module contains an interactive eLearning video, a quiz to test the employee’s understanding, and a downloadable course completion certificate.
Need more support?
Pensions Monitor has a strong network of HR experts, and we will be glad to advise you and your company in more detail on all aspects related to End-of-service benefits and related topics.