Better Investment Reduces Costs

Agelef Shipping Co (London) Ltd

AGELEF SHIPPING CO (LONDON) LTD (Agelef) operates a now closed, medium sized defined benefit pension scheme with the assets principally managed by an insurance company which also undertakes some of the administration and all the actuarial functions on the scheme.

Following consultations with the scheme trustees Creative Benefits (Creative) were appointed as advisers to the scheme in February 2008 and since their appointment have provided solutions to the issues with which the trustees had wrestled over recent years.

Creative negotiated improved investment terms for the pension funds and the trustees now have the opportunity to diversify the previous narrow range of Managed fund investments – but without incurring the exit penalties under the original terms negotiated by the previous advisers.

Moreover the trustees are now able to operate an investment structure that more closely mirrors the scheme profile by choosing a wider diversification of asset classes and investment funds.
Creative also proactively act as the focal point between the employer, the trustees and the service provider. In this role they successfully negotiated with the insurer that the scheme be transferred to their new computer platform thus enabling the scheme to be better administered. This, and the other work that Creative carry out, has enabled the trustees to obtain a wider understanding of the scheme and to feel totally at ease with its operation.

"Creative Benefits improved the quality and efficiency of the pension scheme management and provided the trustees with wider investment options, coupled with a reduction in cost" said David Murray of Agelef.

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