DB governance

Trustee training is becoming increasingly sophisticated and tailored to the specific needs of a given set of trustees. The Pensions Regulator sees training as an invaluable part of a scheme’s risk management framework. At bac we have a leading-edge approach to training that can be delivered using a variety of mediums. Our focus is on making training enjoyable and highly interactive.

We recently ran a day-long training session for the trustees of a FTSE 100 scheme which involved working through two different scenarios:

  • a takeover of the sponsor by a private equity firm
  • an approach from the sponsor to undertake a large buy-in.

The first scenario led to some detailed discussions on real and perceived conflicts, as well as a realisation that the covenant monitoring in place was not as strong as it should be.

Arising out of the second scenario, it was agreed that a sub-committee should be formed to look in detail at the quality of the scheme’s data and administration practices – just to ensure the scheme would be ready if that buy-in discussion ever did happen!

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25 September 2020

In the news this week, the CMI asks for industry views on how to allow for 2020’s mortality experience, the DWP launches a small pots working group, the autumn Budget is abandoned but the Chancellor announces new measures to help businesses, the Barclays scheme subscribes to a Barclays bond and there is another repeat buy-in.

Endgame planning

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.

Pensions Arena July 2020

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.

Emerging from lockdown

As we keep hearing, we are living in unprecedented times. However, as we turn our attention to the future, what does the “new normal” mean for defined benefit pension schemes? In this Pensions Perspective, Leonard Bowman considers the most common pension issues that companies are facing and how best to ensure that the company approaches these on the front foot.

Getting buyout ready

Covid-19 has created many challenges for DB schemes but, for those ready to transact in 2020, it may have created even more favourable market conditions for a buyout. The problem is that most schemes are not there yet. In this Briefing we look at what being “deal ready” actually means and what work it will involve.