Delivering a seamless governance transition through expert onboarding

When a defined benefit (DB) pension scheme – covering more than 20,000 members and holding assets of £2.28bn – sought to streamline its governance model, the trustee faced a pivotal transition. With responsibilities split between in‑house leadership and an outsourced provider, the scheme needed a single, future‑proof governance partner capable of reducing key‑person risk, modernising processes, and providing consistent, expert support.

We were appointed to deliver a robust onboarding programme that would enhance governance oversight, improve collaboration across advisers, and strengthen long‑term operational resilience.

Why consolidation became essential for effective governance

The pension scheme, a hybrid arrangement with DB benefits and AVCs, supporting more than 20,000 members, had long relied on a dual‑provider model: in‑house management through the company pension manager, and outsourced secretariat and governance services through WTW. As internal priorities shifted, the company’s pension manager sought to step back from day‑to‑day scheme management, prompting the trustee to review the fragmented governance structure.

"The trustee sought to consolidate responsibility under a single, highly experienced partner capable of delivering continuity, proactive governance support, and a modernised, technology‑enabled service model."

This approach introduced operational complexity and increased key‑person dependency. Meeting coordination, minute drafting, action management, and relationship oversight were divided across multiple parties, slowing decision‑making and diluting ownership. The trustee sought to consolidate responsibility under a single, highly experienced partner capable of delivering continuity, proactive governance support, and a modernised, technology‑enabled service model.

The objectives were clear: appoint a proven executive secretariat provider with relevant industry experience, a stable and well‑resourced team, a structured transition process, and strong technological capability. A forward‑looking service capable of supporting regulatory change, enhancing governance, enabling secure collaboration, and minimising email‑based document sharing was essential. Our reputation, expertise, and comprehensive service model positioned Barnett Waddingham as the ideal partner. 

Building a resilient, technology-enabled governance framework

Our team delivered a carefully structured transition built on clarity, independence, and operational robustness. A dedicated transition manager oversaw a tried‑and‑tested process incorporating a detailed project plan, document inventory, and regular reporting, ensuring the onboarding ran smoothly while enabling the core team to maintain business-as-usual delivery for the scheme.

"Early engagement enabled rapid knowledge transfer, strong adviser alignment, and immediate value‑add from day one."

A well‑rounded secretariat team was appointed, including a named scheme secretary, deputy, and a wider pool of governance specialists. With access to our 60‑strong governance and secretarial professionals across legal, actuarial, project management, technical, and administrative backgrounds, the trustee benefited from diverse expertise and uninterrupted service resilience.

Relationship‑building was prioritised. We held one‑to‑one onboarding conversations with all advisers and maintained regular calls with both the trustee chair and outgoing scheme secretary. Early engagement enabled rapid knowledge transfer, strong adviser alignment, and immediate value‑add from day one.

Core to the transformation was the introduction of our governance technology suite. BW CORE was deployed to manage the scheme’s effective system of governance, providing dynamic oversight of risk, regulatory requirements, and key controls.

Alongside this, we implemented the Knowa governance platform, enhancing meeting management, document storage, collaboration, and the secure handling of sensitive member information, dramatically reducing email dependency. 

We also supported the scheme in strengthening its operational framework:

• Creating new cyber security and incident reporting plans.
• Enhancing expenditure reporting and streamlining invoice approvals.
• Undertaking a full governance review, including the scheme’s first Own Risk Assessment.
• Project‑managing both an investment consultant tender and an audit tender within the first year.

Even when a team member went on maternity leave, our structure ensured seamless continuity, demonstrating the resilience of our service model. 

A stronger, more confident governance model for the future

The onboarding delivered tangible improvements to risk management, governance oversight, and operational efficiency.

Key‑person risk was materially reduced through a named scheme secretary, deputy, and a multi‑disciplinary support team. Governance processes were strengthened across the board, aided by BW CORE’s real‑time oversight capabilities and Knowa’s secure collaboration environment.

The trustee now benefits from:

• A fully consolidated and future‑proofed governance service.
• Enhanced reporting and streamlined approval processes.
• A more efficient, secure, and collaborative adviser ecosystem.
• Stronger governance documentation and controls, including a refreshed risk register.
• Improved capacity to respond to regulatory and strategic priorities.

Within the first year, we successfully managed two major adviser transitions and delivered a wide‑ranging governance refresh – outcomes that would have been challenging under the previous fragmented model. The scheme now operates with reduced risk, greater transparency, and significantly improved workflow efficiency.

For BW, the project reaffirmed the importance of tailoring governance frameworks to each trustee board’s preferences and risk appetite. As the partnership continues to evolve, we remain committed to helping the scheme maintain long‑term strategic focus with confidence.