Dalriada Trustees have appointed Standard Life to provide a lifeline for thousands of defrauded pension savers.
Dalriada, the trustee appointed by The Pensions Regulator to represent almost 7000 members across more than 100 distressed schemes, was tasked with finding a new ‘safe haven’ pension provider for those defrauded of their pension savings.
Due to the unique circumstances and with no employers involved in any decision making, Evelyn Partners supported Dalriada in the process to select Standard Life as the ‘safe haven’ provider for these members.
Under the arrangement, Standard Life will run a new scheme for members receiving restorative compensation from the Fraud Compensation Fund (FCF).
Trustees said that in addition to the technical ability to provide a scheme for these members to regain access to their pension savings, a key requirement was the ability to demonstrate a deep understanding of the trauma and upset they experienced in losing their life savings, and to support them in regaining trust and confidence in pension savings once again.
Standard Life assembled a dedicated team led by senior business development manager, David Yule, to showcase its capabilities and the support available to vulnerable customers, while the trustees of the Standard Life Master Trust, in demonstrating its robust governance framework, played an integral role in helping the bid process and securing the appointment.
Dalriada board director and chair, Tom Lukic, said: “We were meticulous when making this selection, with Standard Life standing out in its understanding of the members’ needs, the terrible circumstances they have endured and its ability and willingness to adapt its processes to provide them with additional support to reconnect with their pension savings.”
He said that in appointing the Standard Life Master Trust, the truestees are providing victims with a ‘safe haven’ provider, a trusted brand and reassurance they deserve but have been denied for many years.
He continued: “The FCF is truly a lifeline for victims and this appointment gives confidence to others in the same position, who have suffered uncertainty for a number of years, that there is now some light at the end of the tunnel.”
Having supported the scheme bid, Donna Walsh, Head of Master Trust at Standard Life said she is conscious of the added responsibility towards members. She said: “Losing all your pension savings is simply unthinkable. Saving into a pension is based on trust and the expectation that all those involved, from employers and trustees to the scheme provider, are acting in your best interests.”
Walsh added that while “absolutely delighted” Standard Life is “hugely conscious” of the added responsibility it has to members to help restore their faith in pensions and to help them feel comfortable in how their savings are managed.
She said: “It’s a unique challenge where we are providing a range of wrap-around care and developing bespoke communications and resources to help them as they take steps to re-establish their pensions savings.
“This appointment puts us in a privileged position to use all our experience and knowledge for a ‘social good’. We are extremely proud that we have this opportunity to help our new members in this way.”
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