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Closed Schemes
Pension schemes which have been closed to new members, or to new benefit accrual, form a significant proportion of Barnett Waddingham’s client base.
We understand the particular needs of trustees of closed schemes, and provide specialist advice accordingly that draws upon our relevant experience. In particular we are aware that many closed schemes may expect to run off over a long period of time and need a cost-effective advisory service during this period that will minimise management expenses.
Closed schemes need to pay particular attention to investment strategy, and ensure that the future levels of investment risk are appropriate to the circumstances of the scheme and the employer. See our Investment Strategy services for further information on liability-driven investment and other relevant areas.
We also have an excellent understanding of the bulk annuity market and the options for trustees to buy-out benefits, including options for phased buy-outs, partial buy-outs, and passing a scheme to a financial institution to act as a replacement sponsoring employer. Barnett Waddingham can also provide a scheme-specific mortality analysis which can be useful information for a scheme considering an approach to the buy-out market (see Mortality Reviews).