Supporting trustees through a challenging wind-up

When a defined benefit (DB) scheme’s post-transaction journey to buyout and wind-up became more complex than expected, the trustee turned to us for independent support to help get things back on track.

A post-transaction journey under pressure

The trustee asked us for help with its post-transaction journey to wind-up.

The trustees had expected a smooth transition from buy-in to buyout and wind-up. Instead, the project became more complex as it progressed.

The third-party administrator was facing capacity constraints and struggled to meet key deadlines. Once we became more closely involved, we also identified that some data had been omitted from the pricing and final data submitted to the insurer. Discovered late in the process, this meant additional benefits had to be secured, which added complexity at a critical stage.    

Independent support where it mattered most

We provided specialist project management, expert guidance and independent oversight to help move the project forward with greater control and clarity.  

Working collaboratively with the incumbent administration team, the insurer and other advisers, we coordinated the project from planning through to resolution of the issues that emerged.

We also provided additional resource, including support with retirement calculations and the collation of data and benefit information for the insurer. This helped the third-party administrator focus on day-to-day scheme operations while the wider project continued to progress.

Alongside this, we worked with the insurer to explore and agree a solution for securing the additional benefits identified late in the process.

Our role included:

• Developing a comprehensive project plan to align all stakeholders.
• Managing timelines and deliverables across multiple advisory teams.
• Coordinating final data and benefit information for the insurer.
• Assisting with investigations into equalisation and salary link uncertainties to support progress towards buyout.
• Supporting the retirement process during the buy-in period, including the reassignment of historic individual annuities.

Back on track to completion

We worked with the insurer to secure the additional benefits identified late in the process, while minimising the impact on premium.

Through strong project management, added resource and proactive problem-solving, the scheme stayed on track. The trustees achieved buyout within 18 months of the transaction, with wind-up completed shortly afterwards.