We were appointed as sole corporate trustee to Hosiden Besson’s DB pension scheme in 2008. We inherited a situation where the sponsoring employer felt that there had been no meaningful engagement from trustees over a number of years.
As a result of our proactive and collaborative approach, the trustee/employer relationship has now been transformed.
Previous actuarial valuations had been completed after the statutory deadline and the employer felt frustrated at ever increasing deficits and the lack of a collegiate approach to resolving the issues facing the scheme.
Understanding the problem
Following our appointment we arranged introductory meetings with the Managing Director of the employer to discuss the employer’s vision for the future of the scheme and how we could help them to achieve this vision. We listened to what had not worked from the past and together developed a strategy to ensure that future engagement was entirely positive.
Working collaboratively with the employer we have successfully completed three funding negotiations, securing the future of members’ benefits whilst at the same time enabling the employer to continue to grow and expand its operations.
Parent company satisfaction
Drawing on our wealth of experience of dealing with overseas parent companies, we have been able to structure solutions that would be acceptable to the Japanese parent group and to empower the Managing Director to present a range of acceptable options during his regular visits to Japan.