- Guarantee of PPF benefits provided comfort to the trustee
- Price and execution certainty provided within one week of selection
- Transaction facilitated the Scheme’s completion of data cleanse and wind-up
- Final members’ benefits secured with Rothesay were higher than members would have received from the PPF
Rothesay’s ability to lock in terms, and then structure and implement a solution to meet our complex requirements, in a very short period of time, was a key differentiating factor for the trustee.CHRIS MARTIN, INDEPENDENT TRUSTEE SERVICES LIMITED AND CHAIRMAN OF THE TRUSTEE OF THE UNIQ PLC PENSION SCHEME
In March 2011, the Uniq plc Pension Scheme completed a compromise agreement with the sponsoring employer as existing pension benefits were not sustainable.
The scheme became 90% owner of the company and gave up the right to any future contributions.
It was the trustee’s objective to secure benefits in excess of PPF benefits to avoid falling into the PPF.
Significant data cleansing work on the level of benefits was required which meant that the cost of the final benefits was uncertain.
With the backdrop of considerable economic volatility throughout 2011’s Euro sovereign crisis as well, the scheme was at risk of not being able to secure PPF benefits and falling into the PPF.