Nottingham Building Society (NBS) has selected Enplan as its defined benefit (DB) consolidation platform, becoming the fifth building society to join the platform.

NBS initiated a competitive selection process to modernise and future-proof the scheme's pension management for the benefit of members, following a comprehensive review of its DB scheme operation in 2023.

Key considerations included trustee succession, support for scheme members and time management efficiency, whilst keeping in view the potential of a streamlined path towards the scheme’s buyout.

The building society subsequently selected Enplan, citing the platform’s bundled solution, member support, pricing, access to investment markets and its demonstrated success in facilitating buyout transitions for smaller schemes, as key factors in this decision.

NBS is also expected to benefit from Enplan’s new investment platform, developed in collaboration with Schroders, to boost investment, monitoring and digital reporting capabilities.

Commenting on the appointment, NBS chief financial officer, Anthony Murphy, said: “I'm pleased with how seamless the transition has been, thanks to the efforts of the Enplan team.

"Their commitment to efficiency is evident in how quickly they delivered our first valuation after taking on the scheme, whilst crucially allowing us to continue to improve our offering for scheme members.”

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