The challenge
Timely and accurate pension payments to members globally
Strathclyde Pension Fund is part of the UK’s Local Government Pension Scheme (LGPS). It is the second largest of the LGPS funds and administers the scheme for the West of Scotland.
Servicing around 93,000 pensioners, including those living in far-flung places such as Ecuador, Vietnam, Thailand, and the Philippines, it is important that Strathclyde delivers a high-quality pension service to all scheme members, and that benefits are paid accurately and on time.
However, Strathclyde found that setting up new beneficiaries with their existing payments provider was a time-consuming process that could take up to a fortnight to complete. The fund also had issues accessing less commonly used currencies, which meant some payments had to be sent by check. This caused delays for some members who were also faced with the inconvenience of cashing a check at the bank. These challenges fell short of the efficient service standards that Strathclyde was committed to.
The solution
Efficient on-line systems and a truly global reach
Strathclyde signed up with Convera, where they now have access to Convera’s GlobalPay and EDGE payment platforms. This allows the Fund to manage, set up, suspend, and delete beneficiaries in real-time. It also provides an on-demand reporting suite which allows the Fund to easily reconcile each pension payment, and view support cases including rejected payments that may be missing information.
The results
Cost savings and fast delivery off funds
Strathclyde feel that teaming up with WUBS has given them a real competitive edge in the marketplace. Access to Convera’s expansive currency list and country reach has enabled pension payments to be delivered electronically to all customers, eliminating the use of checks. And there have been cost savings too, with no transaction fees instead of the £2.74 transaction fee the Fund had to pay previously.
Audrey Boyce, Finance Service Manager, from Strathclyde Pension Fund, said, “Convera’s platforms are so much easier to navigate and record information than our previous provider’s and our dedicated account managers are quick to respond to any queries, always providing support. And as the processes are so much quicker, there has been a significant cost saving benefit for us.”
The relationship between Strathclyde and Convera has strengthened in a very short time, which Audrey puts down to the responsiveness of the Convera team and the support model which allows Strathclyde to raise and resolve issues in a timely manner.
From start to finish the communication and support provided has been first class. Convera is a professional organization and extremely knowledgeable in its field. Both the client and technical support managers continued support us throughout the implementation and onboarding was excellent. The process has been seamless.”
Linda Welsh
Pension Scheme Manager, Strathclyde Pension Fund
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