Case Study: Post buy-in data cleanse & GMPE during true-up project, with planned move to buy-out and wind-up

Background of the project:

• Scheme had an existing pensioner buy-in and had just undertaken a second buy-in to secure the remaining benefits
• The sponsor had injected a significant cash payment to enable the scheme to undertake the second buy-in.  They were clear that this funding should also cover the transition to buy-out and wind up the scheme without further funding being required from the sponsor
• Some data cleanse work had been identified ahead of the second buy-in and the scheme had not yet completed GMPE
• There were some inconsistencies between the two buy-ins which were to be aligned during the true-up period
• We were appointed as project manager, initially for the GMPE project but this role was then expanded to cover the post buy-in to buyout project  
• LawDeb also acts as corporate sole trustee on the scheme

Our objectives:

• Manage multiple workstreams across a several different providers 
• Co-ordinate the various workstreams across the providers to ensure efficiency of data cleansing work, completion of GMPE and alignment of the two buy-in policies within the true up period
• Efficient reporting of project progress and tracking of budgets against the remaining surplus
• 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 all advisers are held accountable for delivery of their project actions, fees etc

What we delivered for the client:

• We delivered updates at meetings and progressed actions, accordingly
• We ensured the main data cleanse was completed in first 12 months priority being given to any items which related to GMPE.  This second 12 month period  was then used to align the two buy-in policies and complete GMPE
• We actively engaged with the advisors to resolve issues directly where possible and where Trustee or Company involvement was required worked with the advisors to provide clear concise information to enable them to make decisions
• We demonstrated our strong project management abilities and the ability to keep the project to time
• We held advisers accountable and managed fees and budgets
• Work was undertaken as efficiently as possible helping to reduce timescales and advisor fees for the work required
• Surplus tracking used to provide ongoing visibility of expected costs to complete the remaining work
• Project kept on track and true-up process is planned to be finalised in 2026

To find out more about our pensions governance solutions contact emma.sinnamon@lawdeb.com