Landscape architecture firm Novell Tullett has appointed HS Trustees and Temple Bright to complete the wind up of its Landscape Scheme.

The pension scheme has been attempting to wind up for more than 10 years amid a complex benefit structure.

This is HS Trustees' second sole trustee appointment, with law firm Temple Bright also appointed to assist in finding a solution to wind up the scheme.

HS Trustees said that, due to the complexities of the benefit structure, even with only two deferred members, the wind up was “anything but trivial”.

Furthermore, the scheme is small with less than £100,000 in value, and invested in with-profits, meaning specialist knowledge was required on the investment side of the scheme to achieve the desired outcome.

HS Trustees managing director and Trustee Sustainability Working Group founder and chair, Bobby Riddaway, has taken on the role of chair, supported by Bob Bryant.

Riddaway said that it was “important” at the outset to find a flexible legal adviser so they could come to some potential solutions before being appointed to the scheme.

“It is also going to be important to find other partners who are just as flexible and pragmatic if we are to stand a good chance of winding the scheme up in a reasonable amount of time,” he added.

Riddaway noted that finding a solution for the scheme was not likely to be a repeatable economic model, but it will be shared with the industry to help others with similar problems to be solved.

“There are many issues for small schemes on the DB and DC side that will be most economically solved by industry solutions and collaboration as the commercial terms of working on a tiny scheme make normal consulting, trustee and legal arrangements unaffordable,” he said.

Novell Tullett director, Jayne Fowles, commented: “I am so relieved that HS Trustees and Temple Bright are finally getting to grips with the intractable problem of closing our company pension scheme.

“It is a relief to hand this over to people who really know what they are talking about and can put a timeframe on ultimate closure.”

HS Trustees CEO, Steve Goddard, concluded: “This is our fifth scheme, and second since Bobby joined and continues our growth that started in 2023 with one scheme.

“It also shows our ability to cope with unique scheme circumstances, the second scheme that needed innovative thinking. This time it was the economic model.

“Our first sole trustee client in 2024 needed innovative thinking on the sponsor side. We see every scheme as unique and our experienced trustees partner with existing trustees, sponsors and advisers to address each scheme’s needs.”

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