Nottingham Building Society introduces defined benefit pension platform

Nottingham Building Society has introduced a platform to modernise the management of its defined benefit pension scheme in order to support its members.

The building society selected defined benefit (DB) consolidation platform Enplan, which is operated by Entrust and Isio, following a review of its DB scheme operation in 2023. It was looking for support with trustee succession, assistance for scheme members and time management, while working towards a long-term goal of the scheme’s buy-out.

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The platform includes member support, access to investment markets, help with facilitating buy-out transitions, and monitoring and digital reporting capabilities, which can potentially generate savings on a yearly basis for the scheme.

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, while crucially allowing us to continue to improve our offering for scheme members.”