Case study: Data Cleanse & GMPE during true-up, move to buy-out and wind-up project
Background to project:
- Scheme had undertaken a £1.7bn full buy-in
- LawDeb was appointed as project manager to keep the project on track
- LawDeb also appointed as Trustee Chair on the scheme
Our objectives:
- Manage multiple workstreams
- Co-ordinate the various workstreams across the membership, so the administrator only visited member backfile once to mine for missing data
- Efficient reporting of project progress
- Ensure all actions were captured and progressed/completed accordingly
- Ensure the data cleanse and GMPE projects continues to progress in line with the agreed timescales
- Ensure advisers are held accountable for delivery of their project actions, fees etc
What we delivered for our clients:
- We ensured the setup of direct reporting of updates from the administrator in a simple format, meaning update calls were efficient
- We delivered at meetings and progressed actions accordingly, becoming a respected provider amongst the Scheme’s long-standing advisers
- We ensured the main data cleanse was completed in first 12 months with a summary report provided to Insurer to confirm details. The second 12 month period was then used to sweep up additional data work and GMPE
- We demonstrated our strong project management abilities and the ability to keep the project to time, tackling problems with a solutions focus in a supportive way to the Administrator.
- We held advisers accountable and managed fees and budgets
- We led on discussions with the Sponsor to ensure they were updated as the project progressed
- True-up process finalised as planned including factoring in additional insurer requirements
- Scheme able to move forwards towards buyout in 2025.
To find out more about our pensions governance solutions please do contact emma.sinnamon@lawdeb.com