Our client is the Trustee Board for one of the UK’s leading academic booksellers and publishers. A small three-person in-house team ran the pension administration services. But with one person about to retire and two people working out their notice periods, the entire team would be lost within six weeks. Not only this, but during this same period the trustees decided to close the existing pension scheme, removing all active members and providing them with a new arrangement.
In-house team leaving, no expertise within the installation period, a pension fund closing and moving administration to a new provider – this could have been a perfect storm in the making.
Enter Premier Pensions Management Administration Services. Within the very short space of 4-6 weeks we needed to take over the pension fund administration, close it, transition members to the new fund, improve service standards and implement new systems and processes.
Under normal circumstances, an effective admin installation takes a minimum of three months. We only had 4-6 weeks. In a bold and unconventional move, we relocated our own team to the publisher’s offices to take over the day-to-day running of the pension scheme.
We simultaneously managed the installation transition from our own offices. Due to the quick turnaround, we uniquely opted to pick up their own systems rather than imposing our own. As part of the installation, we ran 200 checks to ensure all the data was correct, and provided a gap analysis. Very soon after that we significantly increased the speed for which transactions are processed by 75%.
In parallel, we tackled the fund closure. We calculated 600 individual benefit entitlements, handled all member enquiries and closed the pre-existing pension to new members.
Effective communications to members were vital. We dealt with the two elements separately – first the change in administrators and then the pension fund closure. With only a handful of member queries throughout the process, we believe this transition was a huge success.
And we did all of this within an agreed fixed fee structure.
“You have been very efficient in assuming management of the scheme.”
“Very well managed and always kept informed. Smooth transition from previous administrator.”
“The correspondence is written without gobbledegook, and correspondence is easy to assimilate.”
“All payments/information has been accurate, timely and clear.”
“I have received A1* brilliant service from Premier who have managed my early retirement and pension payments superbly since I first asked about it in early 2010.”