After the scheme entered the PPF assessment period, the challenge that we faced was to establish whether better benefits could be secured outside the PPF. We wanted to quickly lock-in, for the benefit of the members, an improved funding level to take advantage of the deficit contributions that had been obtained from the company prior to the June 2017 insolvency. The Trustees also wanted to minimise the time the members would have to wait before they started receiving benefits above the PPF compensation. Furthermore, they wished to take advantage of the competitive pricing available in the market at that time.
JLT’s buyout and discontinuance teams worked closely with the Trustees to run a broking process in parallel to the statutory PPF assessment and valuation process to find the best and most rapid solution for the members of the scheme. This parallel operation reduced the timescales dramatically and curtailed the running costs sooner.
By moving quickly before the Christmas period, we brokered a transaction on good terms which was vital for the future level of members’ benefits and progressing the winding up of the scheme.
WHAT THE INSURER SAID
We understood the importance of moving quickly and by working with JLT and the trustees were able to provide the trustees and members the certainty and security required. Our medical underwriting expertise will be used to understand the membership further, which could lead to enhancing the members benefits.
WHAT THE CLIENT SAID
Given the turbulent events of the past couple of years, the trustees are pleased that we have been able to obtain security for the members with an insurance company at a level above that which the PPF would have paid.
- Christopher Baker, chair of trustees
Once the PPF assessment period had started, the pressing need became to deliver the maximum level of benefits above the PPF level, as quickly and efficiently as possible. JLT and Just have helped us to achieve this.
- John Oldland of Pi Consulting (Trustee Services) Limited (acting as co-trustee to the scheme)
OTHER CASE STUDIES