We were appointed by a sponsor with 6 small DB schemes – 1,200 members in total. Administration of the schemes was undertaken by two separate firms but there were service quality issues that the sponsor and trustees wanted to address in addition to a desire to streamline administration processes and receive better management information.
Single Sponsor, Two Previous Administrators, Six Schemes!
Scheme & Scope
Service & performance
Broadstone initially completed a thorough transition process from the two previous providers – during cleansing of scheme data we discovered and corrected historic issues resulting in a reduction in liabilities of around £900,000 – taking one scheme from a funding deficit to a surplus!
We identified a previous misinterpretation of the trust deed and rules, and have now ensured that administration will be undertaken correctly in future.
We introduced online services for members – e.g., online payslips and P60s. This has resulted in reduced mailing costs, and has made it easier for the trustees to keep in touch with the membership.
Average SLAs over the last 12 months have been 1% (5 working day turnaround).
The average member feedback score over the last 12 months was 90% (4.5/5 from 44 responses).
Through initial streamlining of administration processes we have made life easier for the sponsor and trustees – we are able to provide separate reporting for each scheme, but also an overall summary of the current position for all six arrangements.
We have enabled shorter and efficient trustee meetings by introducing online meeting packs.
“The Broadstone team in Bristol are terrific – they have made a huge difference. From streamlining administration processes initially to help ensure excellent member outcomes, managing data cleansing and reconciliation projects, we are now receiving positive feedback from happy members. This means we are in a much better position than previously, both from the perspective of the employer and most importantly of the scheme member whose administration experience is top class. Great administration should work seamlessly and efficiently in the background without being the largest topic for discussion in Trustee meetings – which it was before we appointed Broadstone – but not now!”
Get in touch
Broadstone is a team of experts who are passionate about the ever-changing world of pensions and benefits. As such, they have hundreds and thousands of ideas, views and events to share with you to meet your business needs. Our business believes and promotes a people first culture, both internally and to you, our clients.
We believe in our core values and the culture they deliver. We know that when we all work as a team and combine our vast reservoir of expertise and knowledge, we will deliver results to our clients, maintaining the personal touch that can be so often missing in today’s business world.