20 July 2022
2 min
Following on from a procurement led tender process, we were appointed to provide administration services for a defined benefit scheme in the utilities industry.
The scheme has over 5,000 members, is multi-sectioned and has a complex benefit structure arising from historic mergers and acquisitions. The sponsoring employer elected to close the scheme to future accrual during the transition, whilst also introducing a Level Pension Option (LPO) effective from the go live date.
We appointed an in-house transition Project Manager dedicated to overseeing the transition project. From the outset, we worked with the Trustees to map out the closure of the scheme as the transition continued in parallel. Whilst the LPO option added more complexity to the retirement calculation automation and the member options pack prepared, the scheme was fully automated ahead of go-live. We worked closely with the incumbent administrator (a large 3rd Party provider), the trustees and a third-party evaluator to deliver a robust and rigorous transition, forming a working party to meet regularly through the process. The Project Manager was pivotal in ensuring all parties were informed and key milestones were reached.
The transition concluded as planned and the administration went live, with online services following. Effective project management throughout the transition enabled us and the client to create a strong working relationship from the outset.
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