Scheme wind-up / transitions
At 2020 Trustees, we work tirelessly to secure member benefits at minimum loss and in minimum time following wind-up.
Once a scheme enters wind-up, trustees only have a limited time to ensure member outcomes are maximised. Where wind-up accompanies employer insolvency and job losses, members will need additional reassurance that their pensions are safe.
2020 Trustees is one of the major wind-up practitioners in the UK, and actively work with the Pension Protection Fund (PPF) to ensure the smooth and cost-efficient transition of pension schemes where PPF entry is inevitable. If PPF entry is not inevitable, pension schemes may need to wind-up on their own and this is often in the absence of a sponsor. The outcome for members in this scenario will be directly impacted by the costs associated with the wind-up process.
A big influence on costs is the time taken to wind-up. Advisers drag their feet as it is the last chance for them to make any money from their client.
At 2020 Trustees, we focus on speed. Our project managers ruthlessly pursue timelines to keep all parties on track and costs down. We are responsible for some of the quickest wind-ups and PPF transitions in the industry.
We adopt a similar attitude to scheme mergers or takeovers, or any other change that impacts on the scheme’s benefits or structure.