Stage 1 – Buy-in

The buy-in stage occurs when the trustees purchase an insurance policy to cover some or all of the scheme's liabilities. Members remain under the scheme's trust structure.

Key communication objectives are to inform members of the transaction, reassure them that their benefits are unchanged, and provide access to the insurer's Privacy Notice as required by UK GDPR.

Communication

Buy-in announcement & insurer Privacy Notice letter

(directing members to Privacy Notice)

Trigger/Timing Within 4 weeks of buy-in Audience AVC member letter (where applicable) Regulatory Driver TPR best practice, UK GDPR Art. 13/14

Communication

AVC member letter

(confirming AVC status and next steps) Trigger/Timing On completion of transaction Audience AVC members only Regulatory Driver TPR best practice, UK GDPR Art. 13/14

Key reassurance messages at buy-in:

Benefits are not changing.
The trustees have taken this step to better secure members’ benefits.
The scheme continues to operate as normal.
Members do not need to take any action.

Associated communications

An important area that sits alongside the main buy-in communications is the resolution of data queries, benefit corrections and GMP rectification and equalisation.

While not included in this package, we can help trustees communicate this key information to keep a consistent approach to all member communications. We have a package of GMP communications available for clients as needed.

Working with the Marsh Impact team