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 pensions world continues to be dominated by the impact of the Covid-19 pandemic, with the Regulator publishing more guidance for employers, the FCA delaying the implementation of its drawdown investment pathways and two household name companies deferring (or missing) their deficit recovery contributions.
Over the autumn of 2019, BAC conducted an extensive survey of the actions which companies are taking to manage their defined benefit (DB) and defined contribution (DC) pension arrangements.
2019 marked 50 years since Neil Armstrong walked on the moon and this was obviously on the Queen’s mind in her Christmas message as she talked about a bumpy year but one with small steps of progress as well. In terms of pensions, it also felt like a year of small steps and occasional bumps. In this quarter’s Arena, we take a positive look back at 2019, as well as looking forward to some expected pension developments over 2020.
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.