Has your insurance company withdrawn from providing actuarial & administration services for your DB scheme?
Many schemes are being put in a difficult position when their longstanding insurance company provider of actuarial & administration services withdraws from providing these services – they have no option but to move!
Schemes are being transferred in bulk to another provider, often one of the big national or even global consultancy firms and frequently incentivised with an offer of reduced fees. Are these firms potentially the right fit for your scheme? We very much doubt it.
We have recently received enquiries from a number of schemes where services are provided by insurance companies (for example, Scottish Widows), but are being discontinued. Scottish Widows are suggesting a wholesale transfer of services to another firm, but it is important that trustees and sponsoring employers are aware that other options are available to them.
We have produced a short factsheet providing further information :
We hope that you find the factsheet useful. If you want to discuss your options then please call :
Neil Barton (Head of Business Development – Trustee Solutions) on +44 (0) 7904 492921
Or email him at firstname.lastname@example.org