Barnett Waddingham played a critical role in helping secure the pensions of 9,000 BHS staff. Our work for this client has been very much a team approach, with a number of service areas coming together to provide advice and support to achieve a superb result.
At the end of 2017 we took on the role of scheme actuary, scheme secretary and administrator to the new BHS2 scheme. Working with a newly formed trustee board, we developed processes to manage the scheme within bespoke governance arrangements as agreed with TPR and the PPF as part of the deal with Sir Philip Green.
"We set up a process and structure to monitor the funding level, keeping track of the direction of travel and reporting on progress quarterly to TPR and the PPF."
The unique position of there being no sponsor meant that it was important to work with the investment consultant to consider the level of risk. It also affected PPF levy work as the scheme was subject to special PPF rules.
Central to all of this was communication with the members. We were sensitive to the fact that they had already been through an extensive period of uncertainty.
"It was important that all communications were consistent and bespoke, and explained the certainty of benefits the new scheme would provide."
Barnett Waddingham advises BHS2 Pension Scheme on full buyout with PIC
The BHS2 pension scheme has concluded a buyout with Pensions Insurance Corporate (PIC) covering £800 million of liabilities and all of the approximately 9,000 members.Find out more