The Project Overview

The project plan was designed and run in a professional and accurate manner to ensure that throughout, all parties (with particular attention to employees), were kept fully informed of events.

Brunsdon actively managed all parts of the project plan, to ensure compliance with agreed time frames.

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Our Findings

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Unsatisfied Employees

Some employees were looking for more sophisticated and wider- reaching investment opportunities.

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Strain on Administration

Current schemes were causing administrative issues for the Client, as the existing provider(s) could not offer the required online functionality.

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Outdated Provider Support

There existed a need to ensure that an alternate provider could facilitate an auto-enrolment-compliant product with as little administrative impact as possible.

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Complicated & Diverse

There were 38 different schemes and 5 different providers due to the fact that the company had grown by acquisition and had inherited a number of separate schemes and identities.

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32% of Staff Without Pension

There were 1,700 current scheme members out of a total workforce of 2,500 employees.

Our Recommendations

There was clearly a need for consolidation and simplification. A short-list of alternate providers was showcased to the client and a final recommendation made following due diligence, which included:

- A presentation and demonstration by the recommended provider

- A demonstration of the impact of reduced charges

- A visit to provider HQ, including a presentation by its Managing Director on financial stability

Brunsdon actively managed all parts of the project plan, to ensure compliance with agreed time frames.

The Result

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Charges down 23%

Charges decreased by at least 23% for all staff

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Increased investment opportunities

Hugely increased investment opportunities and Self Investment option

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Streamlined Schemes

All schemes amalgamated into one, payable via multiple direct debits where required

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Effective Communication

Workforce fully informed of changes via comprehensive multi channel marketing campaign

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Support

Ongoing support, regular meetings, one-to-one meetings and Financial advice

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The information and recommendation provided to Multi-national PLC detailed in this case study was based on the company’s circumstances and Brunsdon Financial Services Ltd.’s understanding of pension legislation, tax law and HM Revenue and Customs practice at the time of advice (September 2015). The information provided in the case study is for information only and does not constitute advice or recommendation. We recommend that you seek our qualified financial advice if you would like a review of your corporate pension scheme. The FCA does not regulate some aspects of auto enrolment.