Case study

Administrator review

The client

A large high street bank

Nos of employees in scheme:

10k

Project overview

Trustees do not often change their scheme administrators, with good reason; it’s a lot of work as well as the risk of not capturing the historical information which the incumbent administrator has built up.

The client had been working quite successfully with their administrator for more than ten years. The administrator was then purchased by another company. The Trustees sought assurances from the new firm and based on the basis of same team being in place and a promise of ‘no surprises’ the trustees decided to leave well alone. Only when a number of changes were made to the team did the trustees decide to form a sub-committee to review the administration service.

How CBC managed the Administrator review

Using our industry knowledge CBC discussed the client’s needs with a number of potential administration providers and from this prepared a project plan for the review. This included developing an Invitation to Tender (ITT) and preparing a summary of the responses. On the basis of the responses we developed a shortlist of four different providers, including the present administrator.

We liaised with each of the short-listed firms in order to get the most out the site visits for the sub-committee, addressing issues such as reporting, systems, the team working on the client account and contract terms. This meant that the time spent in with the potential administrators was focussed on the areas of concern raised by the responses to the ITT.

The final outcome

By the end of the four site visits there was a clear preferred provider. The sub-committee reported back to the full trustee board and it was agreed to appoint a different firm of administrators. We then worked with the sub-committee and the new administrators to transfer the scheme records and calculation routines. The end result was the new administrator started on the go-live date with all of the agreed calculations in place.