International Payments | Case Studies
How Strathclyde Pension Fund streamlined their process to ensure all their members receive their pension accurately and on time
Strathclyde Pension Fund is part of the Local Government Pension Scheme (LGPS). Strathclyde is the second largest of the UK LGPS funds and administers the Scheme for the West of Scotland.
Getting timely and accurate pension payments to members
Efficient on-line systems and a truly global reach
Cost and Time Savings, with pensioners receiving funds quickly and efficiently
The Challenge: Getting timely and accurate pension payments to members all around the world
With a total number of pensioners of around 93,000, and with overseas pensioners living in places as far-flung as Ecuador, Vietnam, Thailand and the Philippines, it is important to Strathclyde that a high-quality pension service is delivered to all scheme members, and that pension benefits are paid accurately and on time
However, they were finding that with their existing payments provider, setting up new beneficiaries was a time-consuming process, taking up to two weeks to complete. There was also an issue with the availability of some of the less commonly used currencies, so some payments were being sent by cheque. This meant some members had to wait much longer for their pension and were then faced with the inconvenience of cashing a cheque at the bank. It fell short of the efficient service standards Strathclyde were committed to.
“From start to finish the communication and support provided was first class. Western Union are a professional organisation, and extremely knowledgeable in their field. Both the client and technical support manager’s continued support throughout the implementation and onboarding was excellent, and the process was seamless.”
- Linda Welsh, Pension Scheme Manager
The Solution: Efficient on-line systems and a truly global reach
Strathclyde signed up with Western Union Business Services, where they had access to the WU GlobalPay & WU EDGE platform. This allowed them to manage, set up, suspend, and delete beneficiaries in real-time. It also gave them use of an on-demand reporting suite allowing them to run and create reports to easily reconcile pension payments, and the ability to view support cases, including rejected payments that may be missing information.
Access to Western Union Business Solutions’ currency and country reach enabled pension payments to be delivered electronically to all customers, eliminating the use of cheques. And there have been cost savings too, with feefree transactions instead of the £2.74 fee per transaction being paid previously.
Audrey Boyce, Finance Service Manager, from Strathclyde Pension Fund said: ‘The Western Union platform is so much easier to navigate and record information than our previous provider’s and the dedicated team 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 Results: Savings in time and money, with pensioners receiving funds quickly and efficiently
Strathclyde feel that teaming up with WUBS has given them a real competitive edge in the marketplace. With the global banking reach and fewer delays, payments are quicker and more reliable, with the added benefit of being fee-free. The relationship between Strathclyde and WUBS has become strong in a very short time. This has been due to the responsiveness of the WUBS team and the support model which allows Strathclyde to raise and resolve issues in a timely manner.
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