Our client is a multinational entertainment business headquartered in the UK. Its pension scheme has an asset value of £1billion and was run in-house, but the Pensions Manager had recently served notice. Not only this, but the ‘legacy’ arrangements have become increasingly irrelevant to current and new members due to changes in its core business over the years.
Following a cost-benefit analysis, our client decided to outsource its Pensions Manager and Secretary to the Trustee functions rather than continue with these in-house. Reasons included managing the scheme was non-core, cost-savings, long-term stability and the added value market intelligence advantages a specialist business could bring them.
We hit the ground running in managing this huge scheme within a week of appointment. A senior consultant spends 1-2 days per week based at the client’s headquarters to engender trust, as well as being seen as accessible and responsive.
As Pensions Manager we provide the company with strategic direction on the design and delivery of employee benefits. But the majority of our work revolves around our role as Secretary to the Trustee. We provide guidance, market intelligence and liaise with all the advisers which include the actuary, administrators, lawyer and auditors to make sure things get done, issues are resolved, and legislative and compliance requirements are dealt with. We also organise all meetings, papers and agendas.
The company is currently undergoing a sales process which requires splitting various businesses, which raises its own set of particular challenges. These include ensuring that all the transactions are dealt with effectively and efficiently. The practical implications are very important so managing the various ‘projects’ is crucial to the success of the transactions.
“We chose Premier Pensions Management not only because of their expertise and long track record in successful pensions management, but unlike the competition, they truly understand the value of the role of the Secretary. It’s not an administrative function relegated to a junior employee, but rather a strategic, proactive role that requires ongoing thinking, input and communications skills by a senior consultant.”
Chairman of the Trustee