Scheme wind up
in record time

Case studies

The background

Having bought out the pensioners at an opportune time earlier in the year (c€40m), the scheme was in surplus and moved to wind up. A project was undertaken to secure members’ benefits with an insurer in their own names under a challenging timescale of six months.

Our solution

We played a key role in ensuring the successful completion of this project through:

Strong project management - LCP acted as project manager to coordinate the completion of tasks – drafting a detailed project plan at the outset, driving forward progress and providing regular updates to the trustees and company.

Providing specialist advice - LCP drew on in-house expertise in a number of areas such as pensions accounting and Pension Adjustment Orders.

Providing user friendly member communications - for example, each member communication underwent multiple reviews to ensure they were clear and easy to understand for members.

Controlling costs - by monitoring budgets and through regular updates, we were able to meet the trustees’ objective of carefully managing the costs of the wind-up and maximising the resources available to members.

The results

The wind-up was completed cleanly in record time with no outstanding issues.

How we can help

Our advice isn’t out-of-the-box; we take an individualised approach to each client to make sure you achieve your unique goals.

When it comes to transferring your pension risk to an insurance company you only get one chance to get it right.

We provide actuarial, investment and consulting services for defined benefit (DB) pension schemes of all sizes, including retirement planning, funding and risk management strategies.

Defined contribution (DC) schemes are a significant investment, so it’s important to make sure that you get the best value out of your scheme and ensure the best possible outcomes for your members.

Corporate change can often occur unexpectedly or quickly. For those sponsoring or managing pension schemes, the implications can be significant. DB pension liabilities and future DC pension arrangements, along with associated employee benefits, are a key consideration in any commercial transaction today.

We have developed new ideas and techniques to help manage the issues arising from the point of scheme closure until eventual wind-up.