Projects

The following are a short illustration of a few projects and assignments that have been entrusted to Pi.

Strategic Consultancy

Flier – this client needed assistance quickly to address its pension deficit problem if the company was to survive and asked Pi to identify the options available to them.  Pi considered what was in the Company’s best interests and gave strategic advice that resulted in an approach being made to the PPF and the Pensions Regulator, using support from other professional advisers where appropriate.  In everything that we did, we at all times had full regard for the interests of employees and the Trustees of the Company’s pension scheme. 

Pi’s involvement took the Company to a stage where an ongoing dialogue with both the PPF and the Regulator was set up to enable a successful transition of the Company’s Pension Scheme into the PPF.  This included complex discussions, liaison with Company and Trustee advisors and very tight project management.  The outcome was a successful result “in record time.”  Throughout the project, Pi kept all parties and stakeholders fully informed of developments.

The client contacted us to say that: “It would appear that we have achieved a successful conclusion to this project.  ‘Flier’ has the chance to prosper and we have protected jobs, paid our creditors and maintained some value for existing shareholders.  I would like to sincerely thank all at Pi for your efforts on our behalf.”

 

Electronic Trustee Bible®

Yankee – a large pension plan with four separate sections under the one trust; consequently there are four sets of rules, four booklets, minutes for quarterly trustee meetings averaging at 14 pages – in short, a lot of documentation, precedents and general information to keep track of. The creation of the “Yankee” Electronic Trustee Bible® has enabled the Trustees, Pensions Manager and advisers to have instant access to all of the scheme specific documents,through the ETB® CD. Its inclusion of the Codes of Practice and links to the Regulator's training site, as well as sites such as the NAPF, PMI etc, have also meant that Trustees have an effective training tool. Therefore, when the Pensions Act 2004 arrived, with its requirement that trustees be conversant with their scheme and have knowledge and understanding of trusteeship, “ Yankee” Trustees were already well on their way to compliance.

 

Procurement

Chelsea and Kensington - two very different companies with similar sized schemes but very different motivating factors where we undertook reviews of their pension service providers.

Reviews for each entailed pre-qualifying potential new providers; preparing, issuing and analysing responses to a tender document; arranging presentations of short listed providers; setting up and running site visits; taking up of references. One then involved a change of provider for which Pi oversaw the handover to the new provider. The other resulted in the current provider retaining the client's business but with newly agreed working practices and contractual agreement being put in place.

Cambridge - a medium sized pension scheme that needed to appoint an investment consultant. Pi selected three investment consultants; provided the client with proposals from each; arranged presentations and, once a consultant was appointed, arranged for the appropriate appointment letter/terms and conditions to be agreed/put in place. This type of review, although on a much smaller scale than a pension service provider review, gave the client the opportunity to make an informed decision on their investment consultant, relatively quickly.

River - this company wished to appoint an independent trustee. Pi was able to assist in the selection process and subsequent appointment of an appropriate independent trustee for their pension scheme.

Harold - a charitable organisation that wished to review the appointment of a legal advisor to their pension scheme. Based on Pi's knowledge of the scheme and the client, Pi suggested three firms for consideration and assisted the client in the selection process.

 

Education and Development

Coronation - With the Pensions Regulator's introduction of their 'Trustee Knowledge and Understanding (TKU)' Code of Practice, Pi has developed a training course to assist trustees in achieving the cornerstone element of the code.

For project Coronation, the Trustee body (made up of 14 Trustee Directors) contained a wide mix of new and long standing trustees with ranging levels of knowledge.  The highly interactive design of the course ensured attendees were engaged at all times with each trustee director leaving the course with more confidence regarding the navigation of their scheme documents.

 

Communications

Beta and Oscar - drafting of periodic newsletters including a summary of the trustees' formal report and accounts, together with topical pension issues. One newsletter was printed and distributed to members whilst the other was "electronic" and published via the Company's intranet.

Freddie - drafting of announcements to members concerning the closure of their final salary pension scheme; drafting of explanatory leaflets covering details of the company's new pension arrangement; preparation of presentations to employees covering both of these issues, which were then presented in conjunction with the client; production of question and answer bulletins picking up all questions raised during the presentations.

 

Secretariat

All clients - As secretary to the trustees, in addition to our standard secretariat service, ongoing activities for Pi include:

• renegotiation of administration service contracts
• establishment of budgets and business plans for the forthcoming scheme year
• independent assessment and validation of service standards and approval of provider invoices
• planning/project management to ensure efficient use of trustees' time