Services

Full Service Advice

Occupational final salary schemes must undertake actuarial valuations every three years. The valuation process, which is governed by legislation, has become of paramount importance to both trustees and sponsoring employers. As it incorporates the settlement of a schedule of employer contributions to the scheme and, where the scheme is underfunded, a recovery plan for removing the deficit.

The statutory valuation process requires the trustees to decide key issues such as the strength of the employer's covenant and the assumptions to be used in valuing the scheme. This can often be difficult given the interplay with the sponsoring employers, and potential conflicts of interest where directors of the employer are also appointed as trustees of the scheme.

For sponsoring employers, the valuation process is often of vital importance as it has the power to impact upon company cash flow and general finances going forward. The exercise is subject to statutory deadlines and the approval of The Pensions Regulator, which means that it needs to be managed to ensure that agreement on the funding issues is reached within approved timescales.

Pension Partners is able to assist the trustees and the sponsoring employers of schemes undergoing the actuarial process by:

  • advising in respect of the duties of the various parties under the governing documentation of the scheme
  • managing the negotiation process between the sponsoring employers and trustees to ensure timescales are met
  • advising in respect of contingent assets
  • liaising (where required) with The Pensions Regulator regarding the process

Your talk did a lot to help our firm’s reputation in this sector. – head of a leading team of solicitors specialising in further and higher education

Head of Team - Specialist Solicitors in Further and Higher Education

Current News

Cohabitee wins right to pension

The Supreme Court has ruled that a nomination requirement relating to the payment of a survivor’s pension under a public sector pension scheme discriminated against cohabiting unmarried couples and should be disapplied.

read more...

Reversing Trustee Decisions

Trustees have on occasion relied on the “Hastings Bass” rule to unwind decisions that subsequently transpire to have unintended consequences. The scope to do so has been narrowed by the recent Supreme Court judgments in the jointly heard cases of Futter and another v HMRC and Pitt and another v HMRC.

read more...

EU Solvency Rules dropped

The European Commission has announced that it is dropping its plans for a new funding regime for pension schemes.

read more...

Pensions for Mortgages

Nick Clegg announces a new government idea to allow parents to use their pensions to help children onto the property ladder.

read more...