New member section - Victor Products
Citrus is pleased to welcome a new member section to the DB master trust.
Victor Products Ltd is the world’s leading manufacturer of electrical connectors for the global coal mining industry and is a subsidiary of Federal Signal Corporation in the USA.
The Challenge
Victor’s objectives were to deliver a cost-effective and well-run scheme, and to address succession
planning issues, acknowledging that key personnel involved in running the scheme were approaching retirement age.
The Solution
It was clear that the Citrus DB master trust was the right solution for Victor Products for the following reasons:
- clear long-term strategy
- integrated investment strategy
- a safe pair of hands
- succession planning
- reduction in management time
- reduction in running costs
Outcomes
The timescale for the transition to Citrus met Victor’s requirements, with a go-live date of May 2020.
Citrus is pleased to have Victor Products onboard with this growth supporting the Citrus Trustee board’s aim of extending the benefits of membership.
This demonstrates how a DB master trust can help other schemes in a similar position achieve their long-term ambitions and overcome the challenges currently faced by the management and Trustee in the day-to-day running of their pension scheme.