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Barnett Waddingham
0333 11 11 222
We work in partnership with our clients to understand their pension issues and challenges to provide tailored solutions.

Delivering independent and quality corporate advice, we bring bespoke insights and solutions that are tailored to our client’s needs. Our personal relationship and nimble approach means we provide actionable outcomes.

We are a specialist team with in depth knowledge of the pensions and risk markets for corporate clients. We provide all our clients with innovative solutions that are solely focussed on meeting their goals without being driven by products.   

Further information on the specific services we provide can be found below:

Strategic advice

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

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Business as usual services

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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Stochastic modelling techniques are used to place a ‘fair value‘ on share-based payments from all types of Executive and Employee share plans in order to determine the company balance sheet and the profit and loss position under IFRS 2.

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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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Specialist services

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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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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Related knowledge and resources

Blogs

  • 2020 vision: funding in TPR’s sights

    TPR is due to issue a new code of practice on pension scheme funding in 2020, reflecting new powers for a ‘clearer, quicker, tougher’ regulator and a subtle shift in TPR’s approach to DB scheme funding.

  • Current issues in pensions financial reporting - 30 June 2019

    This briefing is for those who will be involved in preparing and auditing pensions disclosures under Accounting Standards FRS102 (UK non-listed), IAS19 (EU listed) and ASC715 (US listed) as at 30 June 2019.

  • Planning for your DB pension endgame

    TPR has recently increased its focus on the endgame of UK DB pension schemes. This briefing note explores how companies paying higher dividends than deficit contributions should expect more of a challenge on this from their trustees and the Regulator.

  • Picture for FTSE 100 dividends vs. deficit contributions
    FTSE 100 dividends vs. deficit contributions

    With the DB regulatory regime once again under review, the disparity between payments to shareholders and those paid to close pension scheme deficits will once more be under the spotlight.

  • Picture for Big schemes – DB pensions heading for the endgame
    Big schemes – DB pensions heading for the endgame

    Barnett Waddingham’s annual analysis of DB schemes in the UK (with assets over £1bn) is now available. As the only research of its kind, it highlights the continued decline in DB schemes and the shifting focus of employers towards the DB pensions endgame.

  • Picture for Exploring European companies with UK schemes
    Exploring European companies with UK schemes

    This survey relates to constituent companies of the Dutch AEX, French CAC40, German DAX, Spanish IBEX, Italian FTSE MIB and Scandinavian OMX share indices that have UK subsidiary companies with defined benefit (DB) pension schemes.

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