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Barnett Waddingham
0333 11 11 222
Our expanding client base includes many household name multinationals as well as less well-known SMEs.

Our expertise is focussed around the following:

Many employers have taken steps to limit their pension scheme exposure by closing their DB scheme to new entrants and increasingly to future accrual. This still leaves them with a legacy liability that needs to be managed. Winding up the scheme immediately is not a viable option for most employers but a coordinated de-risking strategy could be established to exploit opportunities as they arise. 

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Many trustees and employers are actively considering the option of insuring their scheme liabilities with a bulk annuity insurer through a buy-out or buy-in policy. When considering a buy-out or buy-in of a scheme's liabilities, it is important that the trustees and employer prepare carefully for a transaction in advance so that a deal can be completed efficiently.

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The funding positions of pension schemes disclosed in company accounts can be highly volatile. It is vital that company directors understand the possible impact their final salary scheme can have on the company balance sheet and the profit and loss position. 

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The ever increasing compliance burden placed on trustees is inevitably leading them to play ‘hard ball’ with their sponsoring employers over the funding of schemes. Therefore, it will often be beneficial for employers to seek independent advice to support their negotiations with the Trustees.

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The levy is often a significant expense for an employer to bear and although addressed to the trustees the cost will ultimately fall on the employer. It is therefore important for employers to explore every possible option for minimising the levy. 

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More flexible working practices and greater diversity in the workplace have resulted in greater variety in employee benefit packages. 

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One of the most financially significant aspects of a corporate transaction is often a pension scheme deficit. The Pensions Regulator and scheme’s trustees are also playing a much greater role in the deal process so it is vital to consider the pension scheme at an early stage. 

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When taking on staff as part of an outsourcing arrangement, employers may become responsible for the employees’ historic pensions promises, meaning any unexpected costs from the pensions could dwarf any other margins in the contract price.

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Provision of actuarial services to employers who participate in non-associated multi-employer schemes. This includes support on actuarial valuations, employer debt and de-risking options.

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Related knowledge and resources

Blogs

  • LGPS (Amendment) Regulations 2018: examining exit credits

    The new LGPS (Amendment) Regulations 2018 finally emerged on 19 April 2018, and came into force on 14 May 2018. We discuss the arising issues that administering authorities should consider with regard to exit credits.

  • Current Issues in Pensions Financial Reporting - 31 March 2018

    Our latest Current Issues in Pensions Financial Reporting newsletter details the key financial assumptions required for determining pension liabilities under the FRS102 (UK non-listed), IAS19 (EU listed) and ASC715 (US listed).

  • Pass-through arrangements

    Our latest note outlines some of the considerations that should be taken if a new employer becomes an admission body within an LGPS Fund under a pass-through arrangement. Read the note to find out more.

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