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Context A FTSE250 global manufacturing business operated 3 separate Defined Benefit schemes, all closed to future accrual, with a combined membership of c.25,000 and total assets of £2bn. Each scheme had its own trustee board (with no overlap in membership) and sets of advisers but each scheme shared the same sponsor covenant and were similarly funded. The challenge The sponsor wished to achieve a strong and more cost-effective governance model with the added imperative of delivering this in a timescale prior to the next triennial valuation exercise for each of the schemes to allow a single valuation process. To facilitate …