BSW Timber & Howie Forest Products
BSW Timber is the largest sawmilling company in the UK. It has 1200 employees, £300m turnover and 2 closed final salary (DB) pension schemes. It is believed to be the first company to undertake both a MUMS and MUBA project.
In 2013, Howie Forest Products undertook a MUBA project. All the scheme members (51 in total) and their spouses were invited to participate in the project. 73% participated with the telephone interview with a further 4% preferring to complete a paper form. Doctors’ reports were obtained on 6% of scheme members in addition to the medical interviews.
The process was a great success, with 85% of liabilities being underwritten. All the medical data was shared with the participating insurers and insurers were very happy with the data received, allowing them to offer significant discounts. Just Retirement won the tender and completed the transaction.