Amtico's goal

In 2021, the trustees of the Amtico pension scheme decided to procure a new Master Trust for future pension accrual to ease their governance responsibilities and ensure their members were well looked after in the future.

As their current provider, Standard Life used its strong relationship and expert knowledge of their requirements during the tender process to be successfully appointed. The three reasons that Amtico referenced for choosing Standard Life:

  • Great relationship
  • Excellent service
  • Strong propositional enhancements

Master Trust implementation

Having been appointed, Standard Life set to creating an implementation journey that was tailored specifically to the needs of Amtico, its trustees and, most importantly, their members. We first brought in specialists from across the business that aligned with specific requirements and ensured that they were seen as an extension of the Amtico team.

What we had to do

  1. Achieve a 12-week timeline for scheme set-up and launch to meet Amtico's critical deadline
  2. Carry out a transition exercise to ensure there was no money left in the trustees' scheme by a specific date
  3. Streamline administration for Amtico, taking into account the complexity of the existing scheme with multiple payrolls

How we achieved this

The client and trustees worked with a dedicated implementation specialist to set-up their new Master Trust pension scheme. This included a project plan that was well structured and set at the correct level of details for Amtico, resulting in the new Amtico Master Trust scheme being successfully implemented on time.

Jason Shelley

HR Director at Amtico

" The project governance was as expected. The project plan captured the key points at the right level. Calls and meetings focussed on what we needed to do, recognising that people were busy. "

Jason Shelley

HR Director at Amtico

" The project governance was as expected. The project plan captured the key points at the right level. Calls and meetings focussed on what we needed to do, recognising that people were busy. "

Communications support

Working from the start with a communications specialist, Standard Life collaborated with the client and adviser to create an empowering communications plan to support Amtico members. This included:

  • Member consultations
  • Webinars & microsite with useful information
  • Welcome packs
  • Welcome presentations & demo of tools

Jason Shelley

HR Director at Amtico

" The webinars were pitched at the right level, were personal and easy for the members to understand. "

Jason Shelley

HR Director at Amtico

" The webinars were pitched at the right level, were personal and easy for the members to understand. "

Results

Having successfully transitioned £2.3bn in assets in 2021, when the time to transition assets for Amtico, the client had full trust and confidence in Standard Life. Working with a specialist transition team, we provided robust governance that provided peace of mind, mitigated out of market risk, covered all transition costs and successfully transitioned assets out of the trustee account and into the Master Trust account on the date agreed.

10/10

Score Amtico gave for the entire implementation process

10/10

Score Amtico and adviser gave to implementation manager

Jason Shelley

HR Director at Amtico

"

The project team was very accommodating and flexible – again taking a pragmatic approach to supporting individual members and the trustees. Standard Life came up with an implementation solution for a specific circumstance which meant all funds were transferred out by the agreed date.

"

Jason Shelley

HR Director at Amtico

"

The project team was very accommodating and flexible – again taking a pragmatic approach to supporting individual members and the trustees. Standard Life came up with an implementation solution for a specific circumstance which meant all funds were transferred out by the agreed date.

"

Russell White

Client Relationship Manager

"

It was wonderful to continue our strong relationship with Amtico and to help them transition from an Own Trust scheme to Master Trust. Working closely and in partnership with Amtico, we enabled a smooth and straight-forward implementation process, with members brought along the journey every step of the way.

"

Russell White

Client Relationship Manager

"

It was wonderful to continue our strong relationship with Amtico and to help them transition from an Own Trust scheme to Master Trust. Working closely and in partnership with Amtico, we enabled a smooth and straight-forward implementation process, with members brought along the journey every step of the way.

"

What next?