Mark Crump
As pension schemes seek to manage and reduce risk, buy-in buy-out (BIBO) strategies have become an increasingly popular option. Transitioning to a BIBO strategy can be a complex and time-consuming process however, one that requires meticulous preparation and attention to detail.
Buy-in and buy-outs can be a very challenging environment; schemes seeking to de-risk are competing for the attention of a relatively small number of providers who are able to select and prioritise the schemes who can best demonstrate the rigour and integrity of their de-risking preparations, or to levy additional premiums on schemes who cannot demonstrate the highest standards.
Introducing Heywood Passport
That's where Heywood comes in. Heywood Passport is a specialised suite of services designed to help pension schemes prepare for BIBO, by cleaning member data, auditing benefit calculations, communicating with all stakeholders, and creating a detailed record of how well the Scheme is prepared for de-risking.
By leveraging cutting-edge technology and years of experience in both pensions and technology, Heywood Passport can streamline the data and calculation audit process, and its through the highest levels of accuracy that delivers the greatest value and return for Trustee’s, saving time and money, while ensuring complete auditability.
In addition, by harnessing our expert partner’s deep expertise in member communications, we can help ensure the member journey into BIBO is positive and well-informed, reducing the potential for enquiries from unhappy members or regulators who can overwhelm can overwhelm customer service teams.
What is Heywood Passport?
Heywood Passport provides schemes with a menu of services which together cover the end-to-end journey from initial data analysis right through to communication with members of the BIBO transaction. We know different schemes will be at different stages of their de-risking journey, so the Passport menu approach means each scheme can select the service or combination of services which are right for them. Heywood Passport offers standardised templates for the management information required by consultants and insurers, demonstrating the progress made by the scheme in improving data and calculations. If calculations and data audits are not complete, Insurers may offer higher premiums.
Heywood Passport instils confidence in insurers by providing them with accurate information on scheme and member data, calculation results, and spousal liabilities, resulting in lower costs for the scheme.
As a leading expert in both pensions and technology, Heywood leverages machine learning, automation, and state-of-the-art software to streamline the data and calculation audit process, saving schemes time and money while ensuring complete auditability. With more schemes looking to transition to BIBO, Heywood Passport helps your scheme get to the front of the queue, by providing insurers with rubber-stamped data and calculation audits that they can rely on to kick-start the process.
What makes Heywood Passport different?
The advanced technology employed by Heywood can achieve A+ results in a fraction of the typical time frame, making it easier to engage with an insurance partner and progress towards the ultimate BIBO goal, keeping premiums to a minimum.
Heywood Passport provides an efficient, cost-effective, and reliable solution for pension schemes seeking to transition to BIBO, making the process smoother and more manageable for all parties involved.
Our team of experts are here to support you on your buy-in, buy-out journey. Get in touch via the button below to find out more.
