Enplan, operated by Entrust and Isio, has added Nottingham Building Society to its growing client list, making it the fifth building society to join the governance and operational solution for defined benefit (DB) schemes.
Following a comprehensive review of its DB scheme operation in 2023, Nottingham initiated a selection process, to modernise and future-proof the scheme’s pension management.
Key considerations included trustee succession, support for scheme members and time management efficiency, whilst keeping in view the potential of a streamlined path towards the scheme’s buy-out.
After a lengthy evaluation process, Nottingham selected Enplan due to the platform’s fully bundled solution, member support, competitive pricing, access to investment markets and its success in facilitating buy-out transitions for smaller schemes.
The society will benefit from Enplan’s new investment platform, developed in collaboration with Schroders, to boost investment, monitoring and digital reporting capabilities.
Richard Hassan, partner and scheme actuary at Isio, said: “Isio is committed to modernising the DB pension scheme sector and is thrilled to extend our expertise to more of the building society sector. We understand the importance of efficient and effective pension solutions for legacy schemes and we are delighted to welcome Nottingham Building Society to the Enplan family. By leveraging our innovative pensions management approach, we can continue to provide better outcomes for our clients and their members so all schemes can benefit from a better service, regardless of their size.”
Anthony Murphy, chief financial officer, at Nottingham Building Society, said: “I’m pleased with how seamless the transition has been, thanks to the efforts of the Enplan team. Their commitment to efficiency is evident in how quickly they delivered our first valuation after taking on the scheme, whilst crucially allowing us to continue to improve our offering for scheme members.”
Jessica Pigg, trustee associate at Entrust Pension Limited, added: “We’re delighted to welcome Nottingham Building Society to the platform and support the society with the running of its DB pension scheme. Enplan is increasingly being recognised across the building society sector as an offering which understands the challenges of the industry in a pensions context and one which can manage those challenges, and the associated risks, effectively.
