Streamlining a crucial pension scheme election

In the complex world of pension scheme management, adaptability and expertise are paramount. When faced with an important Member Nominated Trustee Election, our Pensions Executive Management Services (PEMS) and DrumRoll, Barnett Waddingham's creative communications consultancy, navigated a compressed timeline, scheme restructuring and unforeseen obstacles to deliver an engaging and seamless election process. 

With the pension scheme’s £5 billion in assets, split between two sections, and 26,000 defined benefit scheme members in the section to consider with this election, our innovative approach, understanding of the scheme and deep industry knowledge resulted in a resounding success reaching the highest standards for pension scheme election management. 

Setting the stage: Complexity and time pressures 

The scheme found itself at a critical juncture needing to conduct a crucial Member Nominated Trustee (MNT) election, with four vacancies to fill, three as a result of ongoing business separation work and scheme restructuring. With time an important factor, the scheme turned to us as a familiar and trusted partner. 

Having provided administration and communication services to the scheme for years, we were uniquely positioned to understand the client's predicaments and challenges, the trustees' requirements, the needs and expectations of the members, and the general intricacies of the task at hand. The preparation stages required for the election to take place in early 2024 needed to be completed in just four-and-a-half months – less than half the usual time – with the added complexity of an ongoing scheme restructure and over the 2023 Christmas period. 

Rising to the challenge: Obstacles and innovations 

As our pension scheme management experts focused on the project, the true scale of the challenge became apparent. They faced a series of complicating factors: 

• A compressed timeline that left no room for error and potentially insufficient time to allow for necessary member engagement. 
• The need to coordinate the election amid the transfer of one of the sections to a new scheme. 
• The imperative to alleviate pressure from the client's own trustee support team. 

Despite these pressures, the PEMS and DrumRoll teams embraced the opportunity to showcase their expertise. They crafted a multifaceted approach, leveraging technology and their nuanced understanding of the scheme and its members to create innovative solutions. 

The team revamped election documents, ensuring clarity and accessibility. They managed member queries with a deft touch, balancing information needs with confidentiality while coordinating a webinar delivered by the client's trustee support team that engaged the membership, demystified the process and encouraged participation. 

Perhaps most crucially, the team demonstrated remarkable adaptability. As unforeseen challenges arose they worked closely and collaboratively with the client's trustee support team an with a third-party election provider to meet milestones, come up with solutions to challenges, ease pressure on the client, manage candidates' expectations, facilitate decision making and accommodate shifts in strategy while keeping the project on track. 

A successful outcome: Exceeding all expectations 

Analysis of the outcomes following the successful completion of the project revealed we had not just met the challenge – we had exceeded all expectations. The election concluded successfully, right on schedule, with several key achievements: 

• Efficient project management that kept all stakeholders informed and engaged throughout the process. 
• Streamlined processes that made the most of the limited time available. 
• Effective communication that ensured high levels of member engagement and understanding. 
• Flexibility that allowed for last-minute changes without derailing the overall timeline. 

The client's feedback was very positive. They praised the team's ability to navigate uncertainty and their appreciation for the continued progress despite complex considerations.  

One client representative noted: "I'd like to take this opportunity to thank you for all your hard work and support in ensuring the successful running and conclusion of this process." 

In the end, BW's PEMS and DrumRoll teams delivered more than just a service. They provided peace of mind, allowing the scheme's leadership to focus on strategic matters while they could be confident the election played out flawlessly. 

Ultimately, this success stands as a powerful example of how expertise, technology, and a client-centric approach can turn highly challenging circumstances into resounding successes. For pension schemes facing their own complex challenges, the message is clear: with the right partner, even the most daunting tasks can be overcome with flying colours.