How we helped our client wind up their pension scheme in record time, with strong project management and specialist advice.
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.
