Navigating the rocky road to buy-out
28 Oct 2019
Jacques Vert, and its predecessor William Baird, has been a client of Hymans Robertson for over 25 years. There have been ups and downs along the way with the employer hitting tough times in recent years, and their ability to support the scheme and pay any required contributions deteriorating.
Following good investment performance, the scheme reached the point where a full buy-out was within reach. So, in 2016, we started working with the trustees to secure members’ benefits and wind up the scheme.
What did we do?
- First, we prepared the scheme for buy-in quotations ensuring that the data was “buy-in ready".
- Second, in early 2017 we secured an insurance policy to cover all members’ benefits.
- Third, we guided the scheme through the statutory PPF assessment period.
What did we learn?
- Strong project management is key to a successful wind-up.
- Well informed members are happy members.
- Treat members with care and sensitivity.
Our team were tireless in their efforts to manage all aspects of the trustees’ journey. From initial work on preparing for buy-in quotations in summer 2016, to finalising the wind-up and buy-out in the autumn of 2019, we’re pleased to have been able to deliver a successful project and a very positive result for the scheme’s members, and consequently therefore for the trustees.