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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

  • Picture for IAS19 update for year-end 31 March 2019
    IAS19 update for year-end 31 March 2019

    Looking ahead to the 31 March 2019 year-end, most companies reporting are currently looking at a broadly unchanged IAS19 funding position. The average funding level in our most recent survey was 96%, and this is likely to stay around this level.

  • Picture for Delivering CDC Pension schemes
    Delivering CDC Pension schemes

    Barnett Waddingham has responded to the DWP consultation to say we support the DWP in setting out the government’s proposals for Collective Defined Contribution (CDC) schemes. Danny Wilding, Partner, sets out his views on the consultation.

  • Picture for GMP equalisation – pity the poor trustees…
    GMP equalisation – pity the poor trustees…

    A few weeks post-Lloyds and we’re taking the finer points of the ruling as a a catalogue of unknowns. Julie Walker, Associate, considers the problems trustees face after the Lloyds ruling.

  • Accidental master trusts

    A look at the new Master Trust Authorisation regime and how it may affect schemes who do not know they are a master trust, or who do but do not know how to proceed.

  • Current Issues in Pensions Financial Reporting - 31 December 2018

    The key financial assumptions required for determining pension liabilities under the Accounting Standards FRS102 (UK non-listed), IAS19 (EU listed) and ASC715 (US listed) are the discount rate and the rate of future inflation.

  • Pension scheme consolidation

    Pension consolidation is a broad concept, ranging from simplifying a scheme’s governance structure, to merging with other schemes to take advantage of economies of scale.

  • 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.

  • Picture for A turning point for FTSE350 pensions?
    A turning point for FTSE350 pensions?

    After a number of difficult years, our 8th annual report on the pension provision of the FTSE350 shows that 2017 is hoping to be the turning point for the defined benefit (DB) pension schemes of the UK’s largest public companies.

  • Picture for Exploring DB schemes internationally: Dutch companies with UK schemes
    Exploring DB schemes internationally: Dutch companies with UK schemes

    This survey relates to Dutch companies, almost all of which are constituents of the AEX index, that have UK subsidiary companies with defined benefit (DB) pension schemes.

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