Pensions - Articles - Capita Hartshead complete wind up for EMAP's DC scheme


Communication and cooperation key to completion of complex EMAP wind up

 Capita Hartshead has completed the wind up of the EMAP Flexiplan, a DC scheme with nearly 6,000 members. Despite a number of complexities, the whole process was finalised within just 18 months.
  

 Gary Graham, Pensions Operations Director at Capita Hartshead said: “People might expect DC scheme wind ups to be straightforward but there were a lot of different elements in this case. For example, policies to secure members’ retirement annuities had been bought in the trustees’ name. As a result, we had to trace more than 300 pensioners in order to assign the policies to them. The fact that there were 20 different providers with varying assignment processes added a further layer of complexity.”
  

 Rosemary Kennell, Chair of Trustees added: “This is a good outcome for the members in particular, as wind ups can become very drawn out. We would not have made the swift progress we did without everyone – the company, Capita Hartshead who were both the administrators and wind up specialists, our investment advisers, the insurer, the legal team from Wragges and the trustees – pulling together.”
  

 As the EMAP Flexiplan was contracted out of the State Second Pension, it was necessary to carry out a Protected Rights reconciliation before any benefits could be settled. This covered 2,929 members and was 99% complete within nine months.
 Depending on their membership status and level of benefits, members had a number of different options. The 750 active members were transferred to the employer’s new group personal pension scheme; more than 1,400 members opted to take their benefits as a lump sum; some 400 took a transfer to a provider of their own choice and just under 3,500 had their benefits transferred to a trustee buy-out plan with Standard Life.
  

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