Client Success Story: Amtico

Challenge

Amtico's pension scheme trustees wanted to ease their governance responsibilities and ensure their members were well looked after in the future. It was these goals that led them to procure a new Master Trust for future pension accrual in 2021.

As their existing provider, Standard Life used their strong relationship with Amtico and expert knowledge of the trustees' requirements during the tender process to be successfully appointed. Amtico gave three reasons for choosing Standard Life:

• Great relationship
• Excellent service
• Strong propositional enhancements

Master Trust implementation

Having been appointed, we created an implementation journey tailored to the needs of Amtico, the trustees and, most importantly, their members.

What we had to do

1. Achieve a 12-week timeline for scheme set-up and launch to meet Amtico's critical deadline
2. Carry out a transition exercise to ensure there was no money left in the trustees' scheme by a specific date
3. Streamline administration for Amtico, taking into account the complexity of the existing scheme with multiple payrolls

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Solution

We first brought in specialists from across the business that aligned with specific requirements and ensured that Amtico saw them as an extension of their own team.

Working with our dedicated implementation specialist, the client and trustees set up their new Master Trust pension scheme. Together, they followed a project plan that was well structured and set at the correct level of detail for Amtico, resulting in the new Amtico Master Trust scheme being successfully implemented on time.

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Communications support

Working from the start with a communications specialist, Standard Life collaborated with the client and adviser to create an empowering communications plan to support Amtico members. This included:

• Member consultations
• Webinars & microsite with useful information
• Welcome packs
• Welcome presentations & demo of tools

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Results

Since Standard Life had already transitioned £2.3 billion in assets in 2021, when the time came to move Amtico's assets, the client had full trust and confidence in us. By creating a specialist transition team, we gave robust governance that offered peace of mind, mitigated out of market risk, covered all transition costs and successfully transitioned assets out of the trustee account and into the Master Trust account on the date agreed.