Our client, Tate & Lyle, is a global provider of solutions and ingredients for food, beverage and industrial markets, with over 11,500 members of pension and other post-retirement plans in the UK and the USA.
Our client, P&O, has around £1.5 billion of pension liabilities on an IAS19 basis, in three separate defined benefit (DB) pension arrangements.
Implementing a stress testing and scenario analysis framework in order to identify and analyse current and potential issues that were of market-wide concern.
As part of their most recent actuarial valuation, Tate & Lyle were seeking to continue to de-risk their £1 billion legacy DB pension scheme, but without a significant increase in deficit recovery contributions.
We jointly advised the trustees and the company on a medically underwritten pensioner buy-in achieving very significant savings of over 10% relative to a traditional approach – successfully securing around £25m of the pensioner liability at no additional funding cost.
We carried out an innovative buy-out for part of the Lloyd’s Superannuation Fund (LSF), a £500m multi-employer defined benefit scheme associated with the Lloyd’s of London insurance market.
This case study highlights a number of issues for employers who are Admission Bodies in the LGPS.
Our client was a public sector body with its own LGPS fund, who required us to negotiate better contract terms for the bidders. It demonstrates the benefit of the commercial focus we can bring to the public sector arena.
United Response is a top 100 UK charity which needed a new workplace scheme to fulfil its auto-enrolment duties. We helped guide the charity through the challenges they faced.