Page 1 - Saffron building society Case Study
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                   Case Study
 First Actuarial delivers efficient pension scheme administration at Saffron Building Society
 Key outcomes
More efficient administration processes
First Actuarial has delivered great value since being appointed as pension administrators for Saffron Building Society. And by centralising member communications and updating member records, they have saved both money and time for the Society.
The Unreliable member data and challenge inefficient processes
  A series of takeovers left the provider of pension administration services to Saffron Building Society with only a small number of people who knew the Society’s Scheme well.
There were other problems. For some time, communication with Scheme members had been an inefficient two-step process. Whenever the administrators were sending out information to members, they sent it to the Society, who would have to forward the communication.
“It seemed to take a while for things to get done,” says Sara Andrews, former HR Manager at Saffron Building Society.
Saffron Building Society appointed First Actuarial to deliver administration services, on the basis of a recommendation.
As First Actuarial audited the member records while loading them onto their administration system, they uncovered a number of anomalies.
The Scheme had become more complex, with additional levels of member benefits, and inconsistencies had crept in between the paper records at Saffron and member data held by the administrator. First Actuarial was concerned that all member benefits might not be being paid out correctly.
  Happy Scheme members
A trusted partner for Saffron Building Society
solution
The Overhauling member data
and communications
First Actuarial started to get the records into good shape – bringing member data up to date and addressing inaccuracies. “The gaps and anomalies all needed sorting out, and First Actuarial succeeded in doing that for us,” says Sara Andrews.
First Actuarial scanned all the paper records and gave Saffron access to electronic records, creating a single source of truth.
First Actuarial worked with lawyers to clarify the member benefits in the Scheme rules. They then made sure that the records tied in with the rules, and that benefits were paid in accordance with them.
 Administering the Scheme on an ongoing basis
First Actuarial took responsibility for day-to-day administration. They produced a regular report detailing every issue on the administration side, including member data. They also supported Saffron’s Scheme secretary in governance work.
“First Actuarial’s administration team contacts me two or three times a month,” says Helena Manley, Society Secretary at Saffron Building Society. “I can call them anytime. So there’s
a strong link between me, First Actuarial, the trustees and the members.”
  










































































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