Project to support scheme merger

Background

Two schemes we administer were merged with another scheme, which is administered by another provider.  At the same time, the schemes were transitioning to Master Trust for DC benefits and changing actuary.  The sponsoring employer wanted to avoid member disruption and asked us to continue administering the two sections of the new scheme once merged.  

Our Solution

We developed and agreed on a cost-effective approach that would put member outcomes first.

• For the transition of DC funds to the Master Trust, we liaised with our DC consulting team, who managed this process for the trustees.
• For the scheme merger, a cross-functional team worked together plan and progress required actions including updating systems as required with the new scheme; opening new bank accounts, issuing closure statements; updating member documents and communications.  We partnered with the new trustees’  communication provider to bring the member’s online platform in line with the new schemes’ style.

We completed work over 5 weeks so meet the trustees’ plans and align the merger completion with the DC transition.

Results

The target merger date was met, and the schemes merged to become sections of the new scheme, whilst we maintained the expected level of client and member service. The Trustees were delighted with the process and members experienced a seamless change.