Our aim, as the appointed independent trustee to such schemes, is to make sure that the members get the best possible service and value during this period. We work closely with The Pensions Regulator (TPR) and the Pension Protection Fund (PPF), as well as the scheme’s advisers and service providers to provide this. Furthermore, our ability to work through the complex regulatory and legal requirements ensures that each closure is handled in a proper, cost-efficient and timely way.

As the closure of a scheme begins, its long-term aims are extinguished. Short-term issues take over and a key goal becomes the orderly and efficient handling of the closure, while balancing the interests of all the beneficiaries.