Administration consolidation
The challenge of pensions scheme consolidation: a flexible solution for live services
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Background
Our client faced the challenge of merging three distinct pension schemes into a single trust, each of which was administered separately by three different administrators using three different administration systems. To complicate matters, it was uncertain whether the scheme consolidation would be completed before the transition was finished, requiring the solution to be flexible enough to deliver live services in both a merged and unmerged state. To address these challenges, our team was tasked with developing a comprehensive solution that could seamlessly integrate the three schemes into a single trust and ensure uninterrupted delivery of services throughout the transition.
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Approach
With each of the schemes having multiple legacy sections, we designed a transition plan to accommodate concurrent transitions, building in the flexibility to deliver services in a merged and non-merged scenario. Using our expert knowledge and state of the art tools we built a data transition routine to consolidate and reconcile data from three separate unique sources. Support from a highly effective project management team was required to coordinate the simultaneous live transfer of services from three sources.
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Results
We successfully transitioned and consolidated three schemes into a single administration operation on time and within the agreed budget. The sponsor significantly reduced operating fees by appointing a single administrator. Member service was improved through the completion of data cleanse activities and the Trustee received a better coordinated service through the adoption of streamlined procedures.
- All three schemes were transitioned within the agreed four-month timeframe
- The scheme merger was completed midway through the transition
- The consolidation of three providers into one resulted in cost and time savings for the Trustee and sponsor
- We worked with the client to streamline discretions and general practices across the three legacy sections
- Data analysis and cleanse work was completed, enabling improved levels of automation
The team at Trafalgar House responded brilliantly and delivered a highly-automated solution, on time, and with a clear focus on improving data quality and the member experience. Despite what was a complex and challenging set of requirements, the transition happened seamlessly with no negative impact on member service or operational delivery. Since the move to Trafalgar House, we have experienced improved SLA performance and higher levels of calculation automation. We have also been impressed with their ability to proactively manage additional projects to time and on budget. The process exceeded our expectations.
Past Chairman of the One Ecolab Pension Plan