About the Client
Skipton Building Society was established in 1853 in Skipton, North Yorkshire, where it remains headquartered today. It has several subsidiary companies, mostly in the financial services industry and including Connells Group, one of the largest estate agency networks in the UK with 583 branches across the country.
With the advent of Freedom and Choice in pensions which came into force with effect from 6th April 2015, the process of choosing the right option for retirement was both a daunting and confusing process, particularly for those in the run up to retirement.
Skipton Building Society identified that this presented an issue for their members who may have been tempted to fully utilise these flexibilities by encashing all of their pension money and paying more tax than they needed too. The business understood that members of the pension scheme may not have a full understanding of the options available to them and the implications when drawing these benefits.
The Society felt an obligation to provide their members a combination of additional educational material and a process of providing those that needed it with specific information about options relevant to them. This led the Society to seek advice from JLT.
JLT and Skipton Building Society held a series of key stakeholder meetings to fully understand the requirement and discuss the solutions available. The Society invest significant sums of money into their employee pension schemes, and therefore wanted to ensure that their employee’s – when reaching retirement age would know what to do for the best with their retirement funds.
All parties agreed that the JLT Pension Decision Service would support members to utilise their pension savings wisely and in the best way for their needs and circumstances, which could be measured through evaluation and feedback surveys.
What the Client Said:
“JLT provided an engaging and thorough solution to a problem arising due to legislation, which encompassed providing various media for engagement and Retirement Relationship Managers to actually talk to our members. We are very happy with JLT’s Pension Decision team and the service they are providing.”