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Corporate Consulting
According to a recent CBI survey, employers made nearly £3bn in lump sum payments to fill pension deficits in the past year. The majority of firms reported that the extra contributions have hurt profits and competitiveness.
With that amount of money being poured into pension schemes it is reasonable for employers to seek to ensure that they are using their resources in the best way and not just putting money into a black hole at the request of trustees and their advisers.
With potential conflicts leading to less and less representation on trustee boards, employers are turning to their own professional advisers to help them devise a pension strategy. The support required can take several forms including a complete review of pension policy, planning for the settlement of defined benefit liabilities or merely negotiating with trustees over the funding required to keep the scheme going.
Often the first stage is to diagnose the employer's needs with them before any real advice can be given. At Barnett Waddingham our approach is to investigate the specific circumstances of each case and concentrate on the issues of most concern to the employer and with the biggest impact - for example on its finances, HR policy, etc. We then present the issues to our client in plain English and suggest ways in which they can be handled. Our advice is designed to be practical and to take into account the bigger picture.