It’s a sad reality that some businesses do fail or, due to a variety of circumstances, times when companies need to wind up their existing pension schemes. When this happens, it is vital that the termination of the scheme is properly handled. There is a minefield of governance and compliance issues where specialist expert advice is vital to successfully steer you through the process and ensure your scheme members secure a fair settlement for their retirement years.
Dalriada’s Scheme Terminations team are experienced and specialist operators in this arena. Managing terminations is a key aspect of our business, not simply a bolt-on service as is the case in some larger organisations.
Whether your scheme is heading for the Pension Protection Fund (PPF) or Financial Assistance Scheme (FAS) or is simply winding up outside of these, our Scheme Terminations team has detailed, wide ranging and up to date experience of the issues which can arise and how to solve them.
“Working closely with FAS caseworkers we have built up a substantial and varied portfolio”
Our approach is to work in partnership with the scheme’s other advisers to agree the various steps involved and then to set up a sensible and practical project plan. A process is then put in place where we aim to get buy-in from all advisers to ensure an ongoing focus and commitment to deliver the best possible end result as quickly as possible. We then review all progress and update the plan at set intervals – at least once a month.
We also ensure there is proactive communication with the membership, an essential element of a successful scheme termination. Members must be advised of progress and, equally importantly, of any delays in the management of the process. We never lose sight of the importance of being in touch with the individual members to reassure them at what will be a difficult time for them, and deal with their varied enquiries.
We have a formidable team – many of our people have many years of hands-on experience with pension scheme terminations. We apply this to all the issues with a team of people who are in a position to clearly understand the problems and challenges, enabling them to make appropriate decisions in a timely manner.
The ultimate aim of Dalriada’s Scheme Terminations team is to get you through the complex process as quickly as possible, to minimise costs, and to secure the best possible outcome for the members of your pension scheme.
For more information, contact Connie Johnstone who heads up our Scheme Terminations team.