One of the largest open defined benefit pension schemes in the UK recognised that it needed to make changes to its benefits structure to ensure future viability.
The answer was to convert the purely defined benefit scheme into a hybrid defined benefit and contribution scheme and the client asked for our help in making that happen.
We started by defining where we needed to get to - the future benefits proposition and target operating model. We compiled a shortlist of potential outsourcing partners and managed the selection process to find the best fit. Finally, we oversaw implementation.
Our client also chose to completely replace its existing administration system as part of the transition.
We brought in a range of experts to this programme including specialists in pensions propositions in the early stages, through to experts in outsourcing partner selection for large scale programmes during the implementation phase.
Throughout, we provided consistent partner level oversight and quality controls.
We helped our client achieve their ambition of restructuring their product for long-term success, by defining their future operating model, recommending the most suitable suppliers and ensuring impeccable implementation standards.