The common process
The overall solution will be tailored to your scheme requirements and delivered by our team of experts. The key components of the common process are:
- Competitive quotes
Tailored and competitively priced quotes from the start. Getting a price that accurately reflects your scheme’s circumstances and gives value for money is our priority.
- Scheme set up
Our dedicated team are here to help you through all the stages of the process, from quotation right through to scheme set up. To get a detailed view of what you can expect from Aviva, see our Trustee annuities – helping you through the end-to-end process (PDF 121KB) document.
Top tips for a smooth transition
Below are some simple tips for a smooth transition.
Get your scheme data ready
It’s really important to get your scheme member data ready as early on in the process as you can. This will help speed up the transition process and reduce the risk of unexpected issues.
We suggest writing to your members confirming their details are correct. It’s also a pre-requisite of winding-up a scheme, should this be your end goal. Having accurate data will also help reduce the cost of any data guarantees.
At scheme level, insurers will also expect you to provide confirmation that:
- Guaranteed minimum pensions (GMPs) have been reconciled with HMRC.
- Pension age equalisation has been performed.
- GMP equalisation has been taken into consideration.
- The prospective member benefits are consistent with the scheme rules.
Setting a clear timeline early in the process helps you focus on the tasks that need to be completed to achieve your end goal.
Sharing this plan with insurers will let them align their timescales with those you’re working to. This will help ensure quotations are up to date and allow you to make decisions with confidence.
Set decision triggers
Setting decision triggers early (often marked to asset values or funding levels) will help provide focus when you come to decide whether to proceed with a transaction and with which insurer.
Having an early decision trigger will also give you the opportunity to think about the impact market volatility may have on your decision and whether you should think about options to remove market risk earlier, such as using our price linking guarantees.
Help ensure inaccurate data doesn’t cause problems.
Nothing can compromise the success of a deal quite like inaccurate data. With this in mind, we’ve developed a data grader to help you assess the quality of your scheme data. This useful tool provides you with a summary of your scheme member data, showing any areas which may need attention to prepare the data for transition.
The data grader can help you make sure that we’ll be able to provide you with a guaranteed quotation, rather than causing delays further down the line.
Access the data grader
Complete a simple online form and we’ll make this important tool available to you.