Pensions management: easing stress for LV='s pension team

Our pension management consultants streamlined the management of pension schemes at LV=, enabling efficiency as well as peace of mind.

Our Pension Executive & Management Services (PEMS) team recently completed a successful secondment at LV=, leading UK life and pensions mutual insurer. Our first-class support and trustworthy experts helped make things easier for their busy pension team.   

The need

Due to staffing changes in late 2022, Pension Partner at LV=, Rebecca Mockridge, found herself with less capacity to manage the LV= and Ockham pension schemes. Two members of our PEMS team were placed on secondment there to provide additional support on a range of tasks. 

Client objectives

The client asked us to: 

• Ensure business as usual work was being progressed so they were able to focus on a master trust and asset transition.
• Assist with the member nominated trust (MND) selection process.
• Help on larger projects, such as Effective System of Governance review (ESOG) gap analysis.
• Use governance experts to help train newly recruited staff, if required.
• Provide support during strategic meetings and discussions.
• Support on member case handling and communication.
• Undertake administrative housekeeping such as governance document maintenance and preparation and trustee knowledge & understanding (TKU) questionnaire updates and training planning.

Outcome

"They hit the ground running, immediately taking the strain off."

Rebecca said: “Following an overview meeting, Helen and Ross were able to hit the ground running, immediately taking the strain off me. Barnett Waddingham were mindful of the people they put forward and it was a very good fit, not only in the way we worked but also how we thought and approached tasks - this helped with the working relationship, and they integrated into the team very well and quickly.

"I was also comfortable to go on holiday knowing that the Schemes were in safe hands while I was away.”

The initial requirement was for the secondment to be three days a week, for three months. However, this was extended to six months.

Results

Rebecca was impressed with our ability to efficiently handle tasks and achieve the objectives with little to no background information, reducing her workload and allowing her to focus on other important matters.

By sharing the secondment role between two individuals, we increased efficiency and bought a range of skills and knowledge to LV=. 

We provided a tailored service by being flexible, adapting to the client’s systems and ways of working. 

We added value by suggesting alternative ways of working, such as coordinating data collection to avoid duplication and save time. 

How we can help you

Do you regularly feel like you have too much on your plate, and could benefit from a little extra support? 

From strategic advice to operational assistance, our highly experienced and diverse team are on hand to help with a range of pension management services.  

Please get in touch with Lucy Creswell directly or visit the pension management services page on our website for further information and contact details.