Project Management of a Scheme Consultation
The client had defined benefit and defined contribution schemes. Over the years it had taken over a number of businesses/contracts or had taken on outsourced contracts, whereby staff were moved across under TUPE. Some of these contracts related to the public sector. The public sector contracts did not form part of the consultation process as their pension rights were protected under legislation. In addition, there were certain other pension arrangements that did not fall under the consultation due to contractual terms.
The consultation was taking place because the employer wanted to change the accrual basis of the defined benefit scheme from 60ths accrual to Career Average Revalued earnings (CARE) for future service. In addition, there was to be an increase to member contributions of up to 2%. As the pension provision was linked to contracts of employment, the consultation period was increased from the statutory 60 days to 90 days (90 days are required under employment law to amend contracts of employment).
Basis of the project
We were asked to manage the consultation project. The areas the project covered were:
- Acting as Project Manager
- Holding weekly project meetings
- Setting up a budget and managing this going forward
- Agreeing the communication campaign
- Assisting the company HR teams with face to face presentations to staff at locations round the country about the pension proposals
How we added value
- The project plan ensured that nothing was missed
- Budget control
- Provided pensions expertise for the staff presentations
- Ensured that communications were controlled and driven centrally