Award Winning Administration, Top Quality Service

The challenge

We presented our bundled services to a prospective client that was dissatisfied with the actuarial, administration and investment services provided by the incumbent. They needed a new provider that could help re-build morale.

The solution

The client chose us over the competition for our dedicated team structure, cohesive service offering across all three disciplines, and on the strength of our use of technology to communicate complex matters clearly and efficiently to the Trustees and members.

From day one, we worked closely with the Trustees, Pensions Manager, and their appointed governance team to transition the services to us over an extended period, a labour-intensive project made more challenging by a disengaged incumbent. Once the exit terms were finally agreed and the data sent to us, the Trustees saw a huge improvement in the proactivity and commitment that their in-house Pensions team and members received. With a Go-Live date of 1 November 2022, we quickly addressed the outstanding matters, and the difference was like “night and day” according to the client’s team.

The outcome

From the very first Trustee meeting, shortly pre-handover, the actuarial and investment teams have worked together to deal with the bond market crisis and guide the Trustees through the numerous complex issues, implement new concepts such as collateral waterfalls and introduce improved and better-understood long-term strategies. The 2023 funding valuation is well-underway, with training having been provided to the Trustees on their responsibilities both now and under the newly drafted Funding Code, and advice given on how best to consolidate the recently much-improved funding position.

The risk register has been addressed and a data audit review carried out, with a clear strategy proposed for filling the remaining gaps. Funding, Investment and Administration reports are now received in a timely fashion, and members have been given access to our online Scheme portal, with a high level of engagement. We communicate Trustee training material centrally, at a run rate of around 3 mailings per month and summarised quarterly in a ‘Hot Topics’ document. Access to the Broadstone Academy training sessions has had a high take-up rate amongst the Trustees.

The Trustees and their pensions team regularly declare themselves delighted with the decision that they took to move to Broadstone and wished they had done so sooner.

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