From complexity to confidence: supporting a major insurer transaction

When a £1bn+ pension scheme set its sights on a full buy-in, it faced a significant data challenge. With more than 14,000 members, over 100 benefit categories, 24 benefit specifications and a small in-house team, the scheme needed extra capacity and specialist support to get transaction-ready. BW helped bring structure, clarity and momentum to a highly complex programme of work.

Getting transaction-ready

A large pension scheme, shaped by multiple mergers and acquisitions, needed to move several key data projects forward ahead of a planned insurer transaction. Its benefit structure was highly complex and the in-house pensions team was small, which made preparation for a full buy-in particularly demanding.

"The work had to be delivered accurately, at pace and within a tight budget."

The scheme needed to identify and resolve data issues, validate benefits and support a wider transaction process involving multiple parties. The work had to be delivered accurately, at pace and within a tight budget. Just as importantly, the team needed confidence that decisions were being based on clear, reliable member data.

BW was brought in to provide additional capacity and technical expertise. Our role was to help the trustee and in-house team to accelerate progress, reduce risk and build a stronger foundation for the transaction.

A practical plan for complex data

We began with transaction data readiness testing to identify data issues that would need to be resolved either before or after the transaction. We produced a detailed report with practical recommendations and worked closely with the trustee, the in-house team and the scheme’s other advisers to ensure alignment.

"Throughout the project, clear roles, well-managed data flows and regular communication were essential."

From there, we carried out a benefit audit to check historical calculations against the scheme rules, focusing on 1% of members in high-liability categories. We also completed anti-franking sampling and member tracing work to obtain missing spouse and marital status information.

We produced a member-by-member log showing the members affected by each issue, and the corrections required. This gave the wider project team a clear view of the work needed and supported discussions during insurer negotiations.

After the scheme achieved a full buy-in, our support continued through the data cleanse phase. The Bulk Purchase Agreement included 36 Data Correction Actions (DCAs), so we created a detailed matrix mapping each member to the relevant DCA. We grouped tasks logically, recognising that many members were affected by more than one action, and developed a multi-adviser plan with monthly progress updates. We also attended monthly data working group meetings to report on progress and help resolve issues as they arose.

Throughout the project, clear roles, well-managed data flows and regular communication were essential. This helped keep a complex, multi-party programme moving forward in a controlled and practical way.

Delivering results with confidence

"Our structured approach helped the client manage a complicated programme of work efficiently, while giving the trustee and in-house team the clarity they needed at each stage."

The scheme completed its full buy-in successfully and was able to move towards buyout with greater confidence.
Within 18 months of the transaction, we had completed rectification work for 8,000 members and corrected benefits for 2,500 members. Our structured approach helped the client manage a complicated programme of work efficiently, while giving the trustee and in-house team the clarity they needed at each stage.

The project also reinforced several important principles: start data readiness work early, define roles and data flows clearly, maintain detailed member-level tracking and ensure open communication throughout. In a project of this scale and complexity, those disciplines made a meaningful difference.

What the client said

"The BW team worked particularly well with the trustee and the scheme’s small in-house pensions department. The scheme is one of the most complicated to have gone to market. BW worked closely with the in-house team to complete a vast amount of data audit and correction work. This was completed on time, in full and within the trustee’s tight budget. The extent of understanding gained in short order was impressive, as were the communication skills and clarity of all the BW team. High praise, well deserved."