Winding up pension schemes is a complex and specialised discipline which requires expert knowledge and skills to navigate you through the process.

When undertaking and communicating the wind up of a pension scheme, Trustees and sponsoring employers face a variety of complexities and difficulties. A key factor in enabling a smooth transition through the wind up process is to keep members and other stakeholders informed at all times, therefore limiting the stress which can be caused by the winding up of a pension scheme.

Why Mercer?

Mercer has a proven track record in efficiently managing the winding up of a broad range of defined benefit and defined contribution pension schemes. Our clients benefit from our extensive experience gained over many years and have access to expert advice. 

Our commitment to efficient service delivery and effective project management has enabled us to sustain our position as a market leader. Our dedicated approach to client relationship management and consistent delivery are just two reasons why our services are engaged for repeat business by trustees and employers.

Quality administration is at the heart of services – our specialists ensure the quality of scheme and member data whilst our mainstream administration maintains a high level of service to members during the winding up process. The depth and breadth of Mercer allows us to offer a comprehensive menu of services, from actuarial and investment consulting through to data cleansing and member communications, which can be delivered as a package or tailored to meet your requirements.

Experience and expertise

We understand the complexities and difficulties that Trustees and sponsoring employers must face when undertaking and communicating the wind up of a pension scheme.

To reduce this burden, we aim to meet your specific objectives by engaging in a thorough consultation around your requirements and subsequently tailoring our services to meet your needs. We provide a clear outline of the work required to complete the winding up of the scheme by delivering a detailed and appropriately challenging project plan of the work that will be undertaken.

Experienced administrators oversee the completion of data cleansing and undertake the more complex, case specific procedures. These specialist resources are supported by technical experts, robust procedures and flexible, trained resources.

Industry knowledge

As an organisation, we have strong operational relationships with the various Government bodies involved in this area i.e. the Pensions Regulator, the National Insurance Services to the Pensions Industry and the Financial Assistance Scheme. We are regularly consulted on new initiatives to help speed up the winding up process and meet regularly to discuss matters of mutual interest to our respective bodies. The relationships and operational procedures we have built up prove invaluable in helping our clients manage their cases through the wind up process.

Putting members first

We know that the winding up of a pension scheme can be a stressful time for the scheme members and therefore strive to keep the members up to date through regular communication as well as member education. Our experience has taught us that transparency around the process goes a long way to reducing members’ anxiety.

Features of Mercer's pension scheme wind up service

At Mercer, managing our relationships with clients is as important to us as managing and delivering their projects. This is why we provide a dedicated client manager to each scheme to ensure that you are fully up to date and briefed on all aspects of the winding up of the scheme.

The main features of our service are:

• Our dedicated team of experienced staff 
• A designated client manager
• A detailed project plan which timetables all key events
• Expert briefing on legislative requirements and your legal obligations, enabling you to make informed decisions throughout the process 
• Administration services
• Comprehensive or tailored data cleansing and reconciliation. Our data cleansing services can range from a full reconciliation of member records and calculations to individual services designed to analyse or address specific issues (e.g. GMP reconciliation).
• Pensions and actuarial consulting and advice
• Investment consulting and advice 
• A flexible approach to budget management  - e.g. adopting a fixed or capped fee approach, where appropriate
• Regular progress reports  
• Trustee reports
• Member communications

Benefits of Mercer's pension scheme wind up service

Extensive experience

Our clients can benefit from our extensive experience in offering administration services, pensions and investment consulting and they also have access to expert advice.

Comprehensive range of services

We are able to offer our clients a comprehensive range of services, from actuarial and investment consulting through to data cleansing which can be delivered as an integrated solution or tailored to meet your needs. This combined with the high standards we set ourselves means that we always aim to deliver an efficient solutions-driven service, where quality is always paramount.

Pro-active approach

Our pro-active approach to project management includes keeping all stakeholders aware of deadlines and ensures that statutory requirements are met within the required timescales.

Member communication

We understand that keeping members, trustees and other stakeholders informed at all times through timely communication is a key factor in enabling a smooth transition through the wind up process.

We recognise that the accuracy of member data is a key component of winding up a pension scheme. Our extensive knowledge and experience in data analysis and reconciliation as well as the reconstruction of missing member data enables us to work with you to review your data and provide a comprehensive action plan.