Case Study: Transition to Buy-out project

Background to the project:

• Scheme has multiple historic buy-ins with Insurer and smaller more recent buy-in with a 2nd insurer
• GMPE delivery required using different methods for each insurer
• Engagement with the Insurer had been a challenge
• LawDeb was appointed to manage the project and help drive it forwards

Our objectives:

• Improve engagement with the Insurer and engage with the 2nd insurer, aligning timings where possible
• Ensure delivery of GMPE projects
• Achieve desire for scheme to complete move to buy-out and wind-up as soon as practicable
• Ensure all actions were captured and progressed/completed accordingly
• Ensure the  GMPE project 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 the client: 

• LawDeb supported the Actuary to provide an education role regarding GMPE to the Insurer and improve their engagement.
• We used combined advice papers to help agile decision-making throughout GMPE
• We worked with the advisors to find solutions for the multiple legacy AVC arrangements.
• We set out clear timeline for communications to members and provided experienced input towards communications
• We led discussions with the Sponsor regarding the balance of powers, presenting input from the adviser team to reach a mutually beneficial outcome for both Trustee and Sponsor
• The project moved forward and the scheme was able to transition to buy-out.
• Relationship with the Sponsor was improved by open and transparent communication
• Wind-up commenced, following intensive negotiations with sponsor regarding surplus and indemnity post wind-up (in the absence of residual risks cover).

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