Mapping out a simpler, sustainable future for a Building Society DB scheme

The Challenge

Leek Building Society is an independent mutual building society putting its members and community first for over 160 years.  

It required support in outsourcing the governance of its DB pension scheme, prompted in part by the retirement of a trustee and by a desire to reduce the amount of management time committed to running the scheme. Furthermore, the makeup of the scheme’s hedging assets needed attention and overall administration required improvement. 

Our Approach

Thanks to a significant track record of working with similar scheme scenarios, the team was able to manage a complex handover from the incumbent provider efficiently and pragmatically. We then worked with the client to implement a long-term strategic plan with clear and tangible milestones.  

The award-winning Enplan solution:  

• Incorporated a professional trustee – Entrust – for enhanced, independent governance   

• Consolidated the operation of the pension scheme with others to benefit from economies of scale  

• Set a clear strategic plan and implemented it, allowing hedging levels to be corrected and minimal time negotiating the triennial actuarial valuation 
• Limited client management time to top level oversight briefings

Impact

While Entrust provides the governance and secretarial support, the Isio team looks after all the key pensions services – administration, actuarial and investment. The approach has resulted in the operational efficiencies and cost-savings that come with scheme consolidation, all delivered with the market-leading Isio client counsel, care and expertise.  

This combination has afforded the Leek Building Society management team the confidence to map out the future of its scheme, whilst being reassured everything is on track.   

Implementing Enplan has reduced management’s time spent on the defined benefit scheme from 3 to 4 days a quarter to 1 to 2 days a year.