Seamless PCST Transition and Project Success

Context

IGG was appointed as the Professional Corporate Sole Trustee (PCST), scheme secretary, and governance adviser to a large hybrid pension scheme preparing for a buy-in. This involved transitioning from a board of eight trustees to a sole trustee model, with the support of a highly engaged sponsor

The Challenge

The key challenge was managing a smooth transition from a multi-trustee board to the PCST model while maintaining governance continuity. At the same time, the team needed to lead a full buy-in for the defined benefit (DB) section and complete a rationalisation and transfer of the defined contribution (DC) section.

Our Approach

IGG ensured a thorough handover of scheme knowledge and data, engaged advisers early, and followed a structured transition plan compliant with APPT standards. They maintained clear communication with the sponsor, reviewed and improved governance processes, and introduced a streamlined meeting structure. A Joint Working Group was formed to deliver the buy-in project with strong planning, clear roles, and robust governance.

The Outcomes

The scheme transitioned smoothly to the PCST model, resulting in more efficient trustee meetings and strong project delivery. A successful full buy-in for the DB section was achieved within 13 months, alongside a successful transfer of the DC section into a Master Trust, offering enhanced flexibility and lower member charges.