In 2010 we were appointed by the independent trustees of a pension scheme where wind-up had been triggered in 2000. The Trustees needed an adviser who could provide the necessary drive, expertise and resources to get the wind-up back on track and move quickly to completion.
It soon became clear that the administration records were in a mess, and that benefits had been incorrectly calculated by the previous administrators. We quickly identified the problem areas and put in place a project plan to re-build the membership records and recalculate the benefits, liaising with members as necessary to deal with any queries regarding under and over payments.
With the data back in shape the priority was to progress the wind-up. We quickly established a pragmatic actuarial and investment approach to achieve this within the funds available by realigning the liabilities and assets and ensuring that members’ benefits could be secured in full.
With a full buy-out now affordable we obtained quotations from insurance companies and provided clear investment advice for the trustees to be able to agree terms with an insurer. This included assessing the covenant of the insurer, its ability to meet the long term servicing standards required and the individual member support provided.
Finally we looked in to trustee indemnity insurance and other security issues to ensure members’ benefits and the trustees were appropriately protected. The trustees were then able to complete a full buyout in the summer of 2012 and wind up the scheme, less than 2 years after we were appointed.
A flexible and adaptable approach in working with other advisers establishes clear objectives and ensures comprehensive, focussed solutions. Services offered include:
We are a small dynamic team based in York. With clients throughout the UK we are a friendly local company servicing a national client base. If you need a highly professional Actuarial Consultancy call us – we can help.
‘We are very happy with our change of advisors, not driven simply by the need to reduce costs, but more importantly to work with a smaller more responsive team who also seem to value their clients.’
Director & Trustee,
Yorvik Trustees Limited is a trustee company providing the full range of Trustee services to pension schemes and other trusts.
The directors are Alex Pearse and Chris Hunter and the legal structure of the company is independent of any other organisation.