The introduction of the Pension Protection Fund (PPF) has added an additional expense to running a defined benefit pension scheme. The levy is often a significant amount and hopefully your scheme will never benefit directly from it.
Although the PPF levy invoice will be addressed to the trustees the cost will ultimately fall on the employer. Therefore, it is important for employers to explore every possible option for minimising the levy. Many of these options are very simple but can lead to a significant and worthwhile saving to the employer.
When considering some of the more sophisticated options, such as putting in place a contingent asset, it is important that the employer takes professional advice. All relevant matters need to be considered – financial as well as other, less quantifiable issues – as well as possible unintended consequences.
Our advice is based on considerable experience in this area and an in depth understanding of the calculations that will be carried out by the PPF in determining your levy.
TPR has recently increased its focus on the endgame of UK DB pension schemes. This blog explores how companies paying higher dividends than deficit contributions should expect more of a challenge on this from their trustees and The Pensions Regulator.
Transferring from a DB scheme is a major decision for members and there are many factors that should be taken into account. Simon Taylor offers advice to these members to understand their transfer options.
From Barnardo’s and BT to Superfunds via GMP – Head of Pensions Research, Tyron Potts, maps out an ‘A - Z’ of everything you may have missed in world of pensions this winter.
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.
Transferring from a DB scheme is a major decision for members and there are many factors that should be taken into account. Simon Taylor, Partner offers advice to these members to understand their transfer options.
In this issue of News on Pensions we review the latest updates following Budget 2016, along with a round-up of the latest news from The Pensions Regulator and The Pension Protection Fund.
Then focus of the survey was the transition from Dun & Bradstreet to a bespoke insolvency risk model with Experian. The survey also considered areas such as the change to the contingent asset certification process, mortgage exclusions and LMS schemes.
We played a critical role in helping secure the pensions of 9,000 BHS staff. Our work for this client has been very much a team approach, with a number of service areas coming together to provide advice and support to achieve a superb result.
The BHS2 pension scheme has concluded a buyout with Pensions Insurance Corporate (PIC) covering £800 million of liabilities and all of the approximately 9,000 members.
Barnett Waddingham has successfully transferred the administration for five sections of the Industry-Wide schemes to the Pension Protection Fund (PPF) - the largest transfer to the PPF since it brought its member services in-house.
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.