Large one-off projects can create significant resource pressures and/or expose technical gaps within a company’s pensions team. Of course incumbent advisers can help with the gap, but at a price. If the client does not carefully manage its resource and technical needs, the cost of a large one-off project can quickly spiral. bac can help in a variety of ways.
A multi-national company wanted to restructure its UK operations to create a new employer, with its own DC pension plan, from what was previously a division of its main UK employer. This involved a TUPE transfer of the relevant employees and the setting up of a DC master trust to provide their future pension benefits. And the project needed to be completed within three months! With the UK pensions manager fully engaged on other work, we were brought in to implement the setting up of the master trust and to project manage all aspects of the pension transfer. This included drafting pension announcements to members and delivering onsite presentations. The outcome was that all eligible employees decided to join the master trust on its commencement date (there was no one left to be automatically enrolled) and many chose to increase their contribution rate in order to benefit from higher matching company contributions. Our client contacts were very happy with the support they received.
Another client lost its pension director shortly before the company embarked on a large scale de-risking and buy-in exercise. Not wishing to bring in someone new mid-project, we were appointed to act as the outsourced pension director to oversee the other advisers, project manage and report back to the board at the key milestones. Once the project was complete a new pension director was appointed.
Hymans Robertson announces today that it has acquired Bath Actuarial Consulting (BAC). At the same time Andrew Udale-Smith and Leonard Bowman from Bath Actuarial Consulting (BAC) will be joining the firm as new Partners.
In the news over the last week, the DWP responds to its consultation on climate risk governance and reporting for pension schemes, transfer-blocking powers could be on the horizon, MaPS delivers on pension guidance and there’s more de-risking.
This quarter’s Arena has a summary of our recent Pensions Perspective, “Endgame planning comes of age”, which looked at how long-term funding and investment plans are evolving and why companies are increasingly taking the lead in designing an endgame strategy. It also shows all the usual financial and investment analysis for the quarter ending 30 September 2020.
Journey plans or glide paths may have been around for a long time but they’re at the heart of the Regulator’s proposed new funding code. In this Pensions Perspective, Leonard Bowman looks at how long-term funding and investment plans are evolving and explains why companies are increasingly taking the lead in designing an endgame strategy for their schemes.
This quarter’s Arena has a summary of our recent Pensions Perspective, “Emerging from lockdown”, which looked at how best to tackle the most common pension issues which companies are currently facing. It also shows all the usual financial and investment analysis for the quarter ending 30 June 2020.