High earners support
The annual and lifetime allowances are complex areas of pensions tax. The lack of good quality communication can leave employees and employers exposed to financial issues and a unhappy senior workforce. bac has extensive experience in helping employers design and implement their employee support programme.
A large company wanted to overhaul how it supported senior employees with the annual and lifetime allowances. This project involved specialist actuarial, legal, online technology and communication support and needed to be delivered within 12 weeks.
We were brought in to provide actuarial support but also overall project management services. Our role was to co-ordinate all advisers and the in-house pension team. The project was delivered on time and within the budget.
In the news this week, the Regulator confirms there are 37 authorised master trusts, the DWP consults on simpler annual benefit statements for DC arrangements, the ACA urges tax simplification and university staff are set to strike again.
Despite the very different circumstances facing individual companies, bac‘s autumn 2019 survey reveals a surprisingly consistent picture of the actions which companies are finding most attractive to manage their DB and DC pension arrangements.
As DB liabilities have become legacy issues to be managed, governance has become the umbrella term for a broad range of risk management tools. In this publication, we look at the DB governance solutions we have helped our clients to implement.
As pension trustees and sponsors get serious about good governance, a key question is whether technology can play a meaningful role or is simply an expensive addition that looks good but adds little value?
In this Pensions Perspective, Andrew Udale-Smith looks first at the different types of adviser review and when and how they might best be used. Then he focuses on how to design a smooth and efficient process for a full market tender.