Pension Scheme Wind Up - Dalriada Trustees

By: Dalriada Trustees  05/12/2011
Keywords: Financial Assistance, Assistance Scheme, Financial Assistance Scheme

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.

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.

Would you like to find out more about our services?

Our team of professional trustees would be glad to hear from you.

Keywords: Assistance Scheme, Financial Assistance, Financial Assistance Scheme, Pension Protection Fund, Protection Fund

Other products and services from Dalriada Trustees


Ongoing Schemes

At times the role of a trustee will encounter potentially contentious issues involving employer negotiation such as setting scheme contributions, implementing revised funding and investment arrangements and dealing with business acquisition. We have extensive experience dealing with third party service providers and other professional firms, which allows us to ensure a co-ordinated and cost effective approach.


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It is only as we approach the final stages before transfer to FAS that some of the member facing issues are emerging and we have learned the importance of precise and thoughtful communication with the scheme members, particularly those at or near retirement.


DC & GPP Contract Based Schemes

There has been a significant rise in Defined Contribution pension provision through Group Personal Pensions and stakeholder products and it is no less important to protect members and their benefits. Whilst not governed under trust, members need to be protected using the same principles as are applied to trust based schemes, particularly in relation to scheme governance administration and investment.


Independent Pension Trustee Services - Dalriada Trustees

Dalriada Trustees can provide a consulting and monitoring service for contract based schemes to ensure they meet the high standards expected of work based pension arrangements. Working closely with the FAS, Dalriada Trustees continues to complete FAS scheme transfers on time, within budget and with excellent service to the members.


Pension Protection Fund (PPF) Assessment

Focusing on these key problem areas will quickly provide a picture of the likely complexity of a case whilst avoiding the need for time consuming and costly reports by advisers. Dalriada’s Scheme Terminations experts have wide ranging in depth experience in all aspects of the Pension Protection Fund assessment process.