Companies face significant challenges as they strive to remain profitable in the aftermath of both Brexit and the COVID-19 pandemic. DB scheme costs will be under pressure, as upcoming changes to pensions funding legislation could mean that higher company contributions are needed in future. In this webinar we provide more information about the upcoming funding changes and an overview of the tools available to help DB sponsors take back control of their schemes.
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One of the key issues defined benefit scheme sponsors face is The Pension Regulator’s new requirement to consider long-term objectives and set a journey plan as part of the updated funding regime. And with a changing dynamic between DB sponsors and trustees, sponsors should look to plan early to ensure that their scheme’s strategy aligns with wider business plans and objectives. Failing to engage early could result in higher long-term costs and achieving a sub-optimal endgame.
The best solution for companies will depend on their objectives, financial strength, and the role of their pension scheme within their wider reward policy. Many companies will be looking to eventually transfer their scheme to an insurer or consolidator; others will be keen to continue to manage their scheme in the most efficient way towards self-sufficiency. Our webinar will provide an overview of the tools you can use to help manage both costs and risk, whichever endgame is most suitable.
Steve Williams | Head of defined benefit corporate advisory team
Steve leads our strategic defined benefit corporate advisory team and is a senior member of the Manchester Retirement practice. His work covers a range of clients (from £50m to £4bn in size), and has included advising on pensions strategy, liability management, scheme mergers, scheme closure, scheme funding, and integrated risk management.
Steve has worked in-house at a large financial organisation as their pensions actuary and is also one of our national subject matter experts on corporate accounting and the IAS19, FRS101/102 and ASC-715 standards. He sits on the Association of Consulting Actuaries’ Accounting Committee as a technical expert.
Mark van den Berghen | Head of risk transfer team
Mark is a Scheme Actuary and lead corporate adviser, with over 20 years’ experience in the DB pensions industry. His advice is always focused on the best outcome for all stakeholders, whether it be improving the security of members’ benefits, ensuring trustees carry out their fiduciary duties to the best of their abilities, or reducing the cost and risk for DB schemes.
Mark leads Buck’s risk transfer team, which advises clients on DB strategy, liability management and member options, bulk purchase annuities, and DB consolidation. His role means he has very strong relationships with leading IFAs, insurers and the DB Superfunds. He is a speaker at industry events and regularly publishes articles in the press. Mark is also a member of Buck’s strategic defined benefit corporate advisory team.