Rather than running their own scheme a number of employers participate in non-associated multi-employer arrangements. These arrangements are often on a centralised basis with no segregation of assets or liabilities. An example of such an arrangement is TPT Retirement Solutions (formerly The Pensions Trust).
Participating in a non-associated multi-employer arrangement with non-associated employers can lead to an interesting set of issues. For example, managing any orphan liabilities that have been built up and dealing with the lack of control over issues like funding, investment and contributions. It is important that the pension costs are properly understood and managed by all employers including charities to prevent them becoming a major risk to future activities.
The services we can provide to employers in these arrangements include:
Each employer and arrangement requires a different level of support and assistance. The work we have carried out for these employers has ranged from several hundred pounds upwards.
As a result of our experience we are well placed to help employers who participate in non-associated multi-employer pension arrangements.
We advise a number of clients including the British Red Cross and Quakers.
We have advised several dozen employers in TPT Retirement Solutions including the following sections:
We have also advised employers who participate in other non-associated multi-employer pension arrangements such as the Merchant Navy Officers Pension Fund (MNOPF) and the Milk Pension Fund.
“Barnett Waddingham provided invaluable support in improving our understanding of pension risks and moving our Support Staff Pension arrangements with the Pensions Trust from a Defined Benefit Scheme to Defined Contribution”
The Pensions Regulator has published a quick guide for employers on funding DB pension schemes. It highlights key points for employers approaching valuations, including working with trustees and investing for sustainable growth of the business.
The Pensions Regulator has published new guidance for trustees on monitoring and assessing the employer covenant. This practical resource will help trustees understand the support given by employers to their pension schemes.
The main deadline for the 2015/16 PPF levy has now passed, although the PPF’s information collection process does not end until 30/06/15. There are further actions that can be taken to reduce PPF levies before invoicing starts later this year.
The initial results of the 30 September 2015 actuarial valuation for the Scottish Housing Associations’ Pension Scheme (SHAPS) are expected to be revealed at the employer forums, to be held in November.
The GP is a multi-employer pension arrangement offered by TPT, generally for the charitable and not-for-profit sectors. The GP has several sections or ‘Series’ that have been established over time, each offering a different type of pension benefit.
Examining the impact of FRS102 on non-associated multi-employer Schemes
A raffle held at the Barnett Waddingham staff Christmas party has helped to raise additional financial support for Crisis at Christmas – the charity that aims to end homelessness and help change people’s lives for the better.