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Ensign completes big DB derisking project
11 September 2013
Involved derisking Merchant Navy Officers Pension Fund
DB pension schemes
Merchant Navy Officers Pension Fund
Ensign and Rothesay Life, Goldman Sach's fully-owned pension
insurer, have completed a buy-in of the Merchant Navy Officers'
Pension Fund (MNOPF), supported by data management specialists
The de-risking exercise was carried out by Ensign, MNOPF's
scheme manager, and saw the scheme insure and transfer its
liabilities to Rothesay Life. As part of the exercise, Rothesay
Life required full member information to calculate individual
liabilities. The buy-in is fully completed and the firms are
working towards a buy-out which has yet to be completed.
EDM was hired to digitise and error-check the scheme's records,
which stretch back to the 1930s, and were held in a number of
formats – including paper, microfiche and microfilm
EDM Group’s CFO, Mark Jones, said: "EDM was
delighted to work so closely with Ensign on this very important
project and was particularly pleased to bring the project in
ahead of the scheduled completion date.
"The DB pensions de-risking market is growing rapidly and we
look forward to working with Ensign on future projects.
Stakeholders such as scheme administrators, trustees, company
CFOs and insurers all have a strong interest in the quality of
pensions record keeping, and we know that EDM’s
services, which help capture scheme information, can be crucial
to the viability of de-risking."
Recent research by EDM shows two thirds of pension
professionals believe de-risking activity will increase over
the next five years, with almost a quarter foreseeing a
'dramatic' rise. However, EDM also found that very few
– just 5% - of pension professionals believe the data
held by defined benefit schemes to be
Michael Mann, director of administration at Ensign, said: "We
have worked in partnership with EDM to deliver one of the
biggest pension scheme de-risking projects in Europe
"This was a major project for Ensign Pensions Administration,
so having a partner that was truly flexible and could scale up
and mobilise quickly was extremely important to us.
EDM’s professionalism and approach to this work
was excellent enabling us to achieve tight and demanding