To buy-out or not to buy-out?
Once your scheme is de-risked, the next choice is whether you want to move to buy-out. During the buy-in process you will have most likely explored whether buy-out is right for your scheme.
If you decide it’s right for your scheme, we’ll work with you to move to true-up (where your initial member data is matched to the most recent data) . We’ll work to a timescale that suits you and ensure a smooth process by:
- Working with your administrator to set up and test payroll with our administration partner.
- Preparing and issuing policy documents so your lawyers can check that policies work with your scheme rules and deliver the insured benefits.
- Issuing welcome packs to your members.
When we take over responsibility for a scheme, we also take care of your members. Once your scheme has been wound up, you can be confident we’ll give them the care and attention they deserve.
Choosing not to progress to buy-out at this stage leaves schemes with alternative options.
