Benefit Specification: Document Review and Scheduling
The client, the trustees of a £325m DB pension scheme, was in the process of consolidating the scheme rules and then closing the scheme to future accrual. Part of this process required producing a benefit specification for potential insurers of the proposed buy-out for which some information was missing and needed to be obtained by reviewing historic documentation.
What we did
- A PMPS Junior Pensions Officer (JPO) attended the premises of the client over a five-day period
- Liaising directly with the pensions manager, the JPO reviewed archived documentary material including deeds, historic scheme booklets and announcements, trustee board minutes, and actuarial reports;
- The JPO undertook due diligence on the archived documentary material and provided conclusions which fed into analysis of the benefit structure
- As part of the process a schedule of documents was drafted listing for the first time all the relevant documents in the pension manager’s possession to aid their and their legal advisors’ knowledge and referencing abilities.
How we added value
- Provided short-term specialist resource where the client pensions manager did not have capacity due to constraints of other duties;
- Completed the project at lower time and cost than hiring an office temp who would not have had the pensions expertise to efficiently direct the review of documentation; and
- Created for the first time a comprehensive schedule of documents commencing from 1976.