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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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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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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

  • Picture for The defined benefit pension odyssey
    The defined benefit pension odyssey

    DB pension plans are entering a new phase in their decades-long journey from valuable employee benefit to legacy financial arrangement.

  • Picture for The actuarial small print
    The actuarial small print

    “Your statutory rights are unaffected”, “subject to approval”, “terms and conditions apply”; there is plenty of small print in our lives. TAS 100 isn't just small print for actuaries though: it's a key part of a framework of professional standards.

  • Picture for Incentive plans: Why share price volatility matters
    Incentive plans: Why share price volatility matters

    Volatility is a particularly subjective assumption which can have a significant impact on the value placed on share-based awards – affecting both the design and accounting value of the awards.

  • 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.

  • Current Issues in Pensions Financial Reporting - 30 September 2018

    Our latest Current Issues in Pensions Financial Reporting newsletter details the key financial assumptions required for determining pension liabilities under UK and international accounting standards as at 30 September 2018.

  • Current Issues in Pensions Financial Reporting - 30 June 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).

  • 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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