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Barnett Waddingham
0333 11 11 222

Case studies: Trustees

Timely and efficient IAS19 accounting for a company with £1.5 billion of DB obligations

Our client, P&O, has around £1.5 billion of pension liabilities on an IAS19 basis, in three separate defined benefit (DB) pension arrangements.

A change of corporate ownership - reviewing the pension implications

We have provided actuarial and investment services to a £20m pension scheme, whose sponsoring employer is a design and manufacturing company in the aerospace industry.

Achieving higher returns with lower risk

We were appointed to advise a client with ~£400m of assets in 2015 and this case study sets out how we worked with the trustees and employer to ultimately reduce risk and increase expected returns while working towards an agreed objective.

An out of control deficit

We provide a regular funding and investment monitoring service to the trustees of a £40m scheme. The trustees asked us to review the funding and investment strategies of the scheme, in particular with a view of reducing the risk of the deficit increasing further.

Contingency planning in action

We recently advised a client that was looking to develop a comprehensive financial management plan for the scheme, targeting a fully de-risked and liability matched investment strategy in the mid-2020s and thereafter moving on to buy-out. This plan aimed to strike a balance between the trustees’ desire to reduce risk, and the employer’s business needs.

A complex covenant structure

One of our clients has been facing some challenging covenant issues and so our actuarial and investment consulting teams have worked closely together to provide proactive advice to help the trustees take steps to strategically manage these risks.

Asset Allocation - Risk Analysis

In 2013 the Trustees of a Charity asked us to use modelling to illustrate possible future investment returns and volatility resulting from the Charity’s current asset allocation, and then to suggest possible alternative asset allocations.

Splitting inflation and nominal interest rates

During early 2012, one of our schemes was constrained by the funding basis and the availability of contributions from the employer to the extent that it could not afford to reduce the level of risk and purchase additional protection at the current market price.

Changes in legislation and pension scheme benefit changes

Keeping up to speed with changes to comply with the legislative requirements can be extremely time consuming and require complex solutions. We can offer an alternative to hours of resource by providing tailor made on-site training days or workshops to help keep you and your team up to speed.

Long service and implications on annual allowance

We were asked to advise a leading University in relation to its senior staff. Particular issues arose with one senior staff member with long service and he had exceeded the Annual Allowance (AA) (£50,000) in each of the last 3 tax years.

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