Pension & Retirement Advisory

Expert Consulting on Pension Plan Design, Valuation & Risk Management

Our Advisory Services

GFRAM Consulting has extensive practical experience advising on all aspects relating to the objectives, design and funding of Pension, Post-Retirement, and Post-Employment benefit plans. We can help you to design a benefits program that will be customized to meet your specific objectives.

Pension Plan Objectives

Typical objectives may include the development of a pension plan that provides a reasonable and transparent level of income replacement upon retirement, or it may be to provide a pre-defined fixed funding requirement from the plan sponsor. Other objectives may relate to the treatment of members with prior service at the start of the plan, a funding objective, or some specific investment objective.

Whatever the objectives, we have the tools, expertise, experience, and professional temperament to be your Consultant of choice. We will be there to guide and advise you every step of the way.

Our Pension Consulting Services include

Strategic Planning & Plan Design
ALM Support for development of SIPP & Investment Strategy
Pension Valuations for
- Funding (aka Triennial)
- Financial Reporting
- Mergers & Acquisitions (M&A)
- Winding-Up (aka Solvency)
Valuation of Post-Retirement & Post-Employment Benefits

Pension Risk Management & Analysis
Pension Administration Support, System Review, & Staff Training
Change Management Consulting for Plan Sponsor and Members
Trustee Support in Annuity Purchase & Timing Decisions
Pension Calculators to Forecast Future Pension or Fund Balances at Retirement

Deterministic Valuation Projections

We provide professional advice and support to our clients including plan sponsors, trustees, trade unions, associations, pension plan administrators, and other interested stakeholders. As part of our engagement with our clients we have consistently underscored the strategic importance of having access to projected valuation results. Whereas the regulatory (triennial) and financial reporting (IAS 19) valuations provide results at a single point-in-time, it is more informative to be able to visualize the development of say the funding status over the medium to long term. The Deterministic Valuation Projection allows you to have this information within your grasp.

Analysis and visualization of the projection results will help Trustees and Plan Sponsors to understand the key factors impacting future Funding Status or Financial Statements. These results can also be used to analyze What-If scenarios ranging from varying employer contribution rates, and alternative asset returns, to contemplated changes in plan benefits.

Stochastic Valuation Projection

Our Stochastic Valuation Projection is a massive improvement from the single snap-shot view obtained under the Deterministic view. With stochastic projection we not only get to see the expected funding status at future points, we also get to see the range of potential outcomes. The range of outcomes is an important indicator of the degree of uncertainty that exists with the expected funding status at any given point. A wider range indicates a greater degree of uncertainty, and similarly a narrower range implies less uncertainty.

Different stochastic projection can be generated for alternative asset allocations in order to aid in the selection of the optimal Asset Allocation.

Client Feedback

“…We have found the performance of GFRAM Consulting Ltd. to be excellent. GFRAM Consulting Ltd. has always demonstrated a high level of professionalism, expertise and competence in the services for which they have rendered. They have always been very responsive and willing to offer and provide advice on matters for which we have sought their assistance…”
Statistical Institute of Jamaica

“… JMB contracted the services of GFRAM Consulting to conduct an actuarial review of the Mortgage Insurance Fund (MIF) and Mortgage Insurance Reserve Fund (MIRF)… we found GFRAM to be very thorough and their findings were contained in a detailed report which was presented in a timely manner. The report was the best we have received over time and provided JMB with valuable insight and recommendations regarding the operations of the Funds…”
Jamaica Mortgage Bank

“…Their thinking, probing and researching of our business and industry needs has led us to a better methodology and standard. They were very professional, well organized, and did an excellent job of presenting the solutions and recommendations. They took the time to understand our business and industry needs and provided innovative practical solutions… Working in partnership with GFRAM Consultancy… also enabled our team to expand our knowledge.”
Betting Gaming & Lotteries Commission

“GFRAM has been the Consulting Actuarial Firm for the Bureau of Standards Jamaica (BSJ) in the General, Health and Life Insurance areas. The work product received from GFRAM is usually well presented, detailed and self-explanatory. Further, we have found their staff to be knowledgeable, professional and readily available to provide clarity where necessary…”
Bureau of Standards Jamaica

“We have been using GFRAM Consulting Limited to prepare Actuarial Valuation Reports and provide Actuarial Services for Tropical Battery Company Limited Pension Fund for the past ten (10) years. We have always been completely satisfied with the turn-around time to provide the reports and with the quality and presentation of their work… We also found the staff to be professional, knowledgeable and courteous… “
Tropical Battery Company Ltd

“… Over the years, GFRAM has proven to be very efficient, reliable and offered excellent customer service and satisfaction. Overall, they offered excellent service above what was required of them… They facilitated a short training session for selected members of staff with just one day's notice and they always produced the necessary deliverables before the stipulated deadline even when we were late…”
Real Estate Board

“The Hanover Municipal Corporation is extremely pleased and highly satisfied with the level of consultancy services that GFRAM Consulting has provided us with. We have found the firm to be very prompt, responsive and highly professional… Critically, the cost is very reasonable and the payment terms very convenient for the very high quality of service provided. Also, the firm will go well beyond the call of duty to satisfy their customers, as we have personally experienced…”
Hanover Municipal Corporation

“GFRAM Consulting Limited has provided us with Consulting Actuarial Services by way of an Actuarial Merger Valuation of two (2) of our Defined Benefit Pension Plans. Based on our interactions with GFRAM, we have found them to be very thorough in conducting the task at hand, as they would provide the relevant explanations and advice required. In addition, their staff was professional and courteous and was readily available to provide clarity in preparation for our presentation to the Board…”
Sugar Industry Authority

“… GFRAM Consulting has demonstrated knowledge of the insurance industry and has given sound advice in our negotiation with our broker. GFRAM Consulting has proven to be efficient and responsive, providing timely reminders for the renewal of insurances… renewal reports was completed within the scheduled time each year… A high level of thoroughness was evident in the comparing of proposals to other public bodies with similar risks and ensuring that all procedures were fulfilled…”
Public Broadcasting Corporation of Jamaica

“GFRAM has partnered with us in navigating the best coverage decisions for our insurance portfolio, helping us to carefully evaluate risks and liabilities associated with those decisions. The staff is knowledgeable, very thorough and resourceful, making communication seamless and the client relationship satisfying… This, we believe, is a demonstration of capacity and aptitude…”
Tourism Product Development Company

“GFRAM is very professional in their service delivery. They provide adequate information to guide decisions and shows competent knowledge of the Insurance Tender process.”
Public Procurement Ministry of Local Government & Community