There are specific challenges that arise when an organisation is trying to manage a number of pension schemes, particularly when they are significantly different in size and type. We worked with the trustees of our client’s scheme, a leading global utilities technology provider, which had three UK trust based pension plan arrangements in place but with two different administrators. Our aim was to work alongside the trustees to improve the services for members and lower the operational costs. Premier provided administration, pensioner payroll, treasury, accounting and member web services to all three pension arrangements.
We set out a four month installation plan covering all the schemes. The challenges were complex, as the schemes were previously administered from multiple locations using a variety of different systems – including multiple databases, document management systems, personnel, etc. The first task was therefore to consolidate services into our uniformed platforms. Owing to increased efficiency, we were also able to clear a substantial backlog of cases that the previous administrator had not processed, as part of the installation process. We also ran a communication exercise, with materials certified by the Plain English Campaign, to welcome the members to Premier’s service. We invested in data improvement initiatives like mortality screening and updated personal information, as well as inviting members to complete expression of wish forms.
We established introductory meetings with the ten payroll and HR contacts across the business to ensure key personnel were fully informed about the new service. We introduced member and employer web services to enhance engagement overall. As a result of these combined solutions, we were able to improve member delivery by greatly reducing average turnaround times – from an average of 20 days to less than two. We also place great emphasis on improving service visibility and governance and so implemented comprehensive service performance reporting for the trustees.
By working with us, our client was able to meet its objective of lowering operational costs while achieving stand out delivery for its members – through innovative member engagement, high quality communications and Premier’s commitment to first class service delivery.