2013/14 Corporate Annual Report
Our performance: How we measure up
Benchmarking exercises tell us how we compare to our peers.
Did you know?
CEM is an international benchmarking company that undertakes an annual survey of pension administrators from around the world. A total of 75 administrators (including the
BC Pension Corporation) participated in the 2013 survey.
In 2013, Cost Effective Measurement (CEM) assessed our service delivery in three areas: cost per member, complexity and overall service. As the graphs below show, we are the lowest-cost provider in the most complex environment, while delivering comparable services to the majority of our peers. Balancing the delivery of our service with our strategic plan has served us well.
Figure 2 Cost per active member and annuitant
We are committed to providing excellent service and value for every dollar spent. A key measure of our success is cost per member. Figure 2 shows that we continue to compare favourably to our peers. In 2013, the average cost per member across all plans was $116, compared to our peer groups’ average cost of $164.
Figure 3 Complexity
Complexity is determined by factors, such as the number of plans managed, plan rules and contribution rates. Figure 3 shows that the complexity of the plans we administer is ranked highest compared to our peers. Yet, we are the lowest-cost provider.
Figure 4 Overall Service
Service is defined from a member’s perspective. Higher service means faster turnaround times, more product and service choice, and higher quality. But it generally means higher costs. Figure 4 shows that we are at the median. This is a strong position because we can provide a wide range of services at a lower cost.