After the Pensions Age and UK Pension Awards nominations earlier this year, the Equiniti's Pension Solutions team has been shortlisted for the CIPP (Chartered Institute of Payroll Professionals) awards.
The nomination came for the team’s work on the Uniq pension scheme, preparing the scheme for a Pension Protection Fund (PPF) and buy out after the trustees struck a deal with authorities to deal with the scheme deficit.
Equiniti were appointed by the Trustee in 2011 as a direct result of their involvement in the successful Visteon UK Pension Plan PPF transition. The work involved repeating the historic administration calculations for 21,000 members with around one in three pensions found to be calculated incorrectly by the previous administrator.
To do this, over one million pages of historic records had to be digitised, followed by 80,000 Equiniti working hours over a four-year period - making it one of the largest and most complex (re)administration projects ever undertaken in the UK. The scheme secured better buy out terms as a result of the work.
Steve Nicholson, Equiniti Pension Operations Director, said: “We’re delighted to be on the shortlist for this prestigious award, which is just the icing on the cake after we already completed the project to the delight of our client.”