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Case Studies

Administration

The problem -

Trustees and companies sometimes struggle to manage in-house pension scheme administrators, especially where accountability is unclear. Often the risks that are being taken are not apparent.

What we found -

When Woodley Trustees were appointed Chair of one pension scheme, we quickly came to the view that the in-house administration function had significant weaknesses. No strategic thinking had been applied by the trustees or the employer to this in-house function which was under-managed. We worked with the sponsoring company to develop a robust understanding of the issues and reviewed the options available.

The solution -

Following the review, it was agreed to outsource the administration function. We then ran a process to select an external administrator and negotiate a tight contract.

The result -

Since the new appointment, standards have improved considerably. The trustee board has a much higher level of comfort around the risks in this area. The trustees have received very positive feedback on the new administration arrangements from the auditors.