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
- Achieve a 12-week timeline for scheme set-up and launch to meet Amtico's critical deadline
- Carry out a transition exercise to ensure there was no money left in the trustees' scheme by a specific date
- 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.
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
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.