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Case Studies
Cost Management
The problem -
Pension scheme trustee boards often struggle to manage advisors effectively and costs can get out of control.
What we found -
On two different pension schemes, when Woodley Trustees were appointed to chair the trustee board, we quickly identified that the advisory costs were too high. We found the trustees lacked the skills and experience to deal with this situation.
The solution -
Having worked in professional service firms for many years, we have a vast experience of professional advisors from both sides of the fence. Equally important though, our involvement in a number of pension schemes has enabled us to create a database of useful benchmarking information on costs. In both cases, we were able to highlight the opportunity to reduce scheme costs to the trustee board which could lead to successful renegotiations.
The result -
The renegotiations resulted in substantial reductions in on-going costs – savings of over £250,000 per annum were achieved for each scheme.
