Managing cost

Our range of employer advisory services, modellers and online tools enable employers to ensure costs are controlled whilst corporate objectives are satisfied.
 

 Overview

 
The next step for any employer with a final salary pension scheme deficit is to agree an affordable recovery plan.

We can help:
  • ensure you have up-to-date knowledge on your scheme’s position through our online tools
  • understand the expected developments in, and options for change for future pension arrangements, enabling you to ensure your pension provision is affordable and sustainable
  • negotiate with trustees about de-risking initiatives, benefits changes and pension scheme funding assumptions, in particular managing the approach taken to agreeing the level of prudence
  • plan for the introduction of auto-enrolment from your staging date – for example, by helping you prepare for the potentially higher pension costs, or understanding the impact prior to a merger or acquisition
  • minimise the risk-based levy payable to the Pension Protection Fund (PPF) by taking actions which reduce the assessed pension deficit and assumed probability of insolvency

 

 Insights and views

 
    Corporate Bulletin Quarter 1 2015
    7 April 2015

    ​Market conditions remain challenging for pension schemes and their sponsors. We provide sponsors with a discussion of accounting assumptions at 31 March 2015.

     

    Click here to view bulletin

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    Flexiday is upon us!
    31 March 2015

    ​In the final note in our ‘Countdown to Flexiday’ series before Flexiday itself (6 April 2015), we look back over the developments of the last few weeks and forward to what the new pensions flexibility regime may mean in practice.

     

    View briefing note here

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    The Impact of Deflation on Occupational Pensions
    27 March 2015

    The Consumer Prices Index (CPI) was unchanged in the year to February 2015 (i.e. the 12 month rate was exactly 0.0%), a record low. With further falls in inflation later this year seeming a distinct possibility, we consider the impact of deflation on occupational pension schemes.

    Click here to view briefing note

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    Social Housing Pension Scheme (“SHPS”) – 2014 valuation and benefits review
    26 March 2015

    SHPS has recently written to participating employers to provide preliminary results of the 30 September 2014 valuation which, as expected, confirms a significant increase in contribution requirements. This note summarises these preliminary results and also provides details of the results of the employer consultation around future service defined benefit structures from 1 April 2016 and other considerations for SHPS employers.

    Click here to read the briefing note

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    Chancellor extends Flexiday freedoms and cuts lifetime allowance (again)
    18 March 2015

    ​In the last Budget of this Parliament, the Chancellor announced plans to extend the Flexiday   freedoms from April 2016 to individuals who have already purchased an annuity, by reforms intended to create a secondary annuity market. He also announced plans to cut the lifetime allowance from its current level of £1.25M to £1.0M.

    Read full news alert here

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    Issue 11: Flexiday - DB to DC Transfers
    17 March 2015

    ​It now seems a long time since the second note in our ‘Countdown to Flexiday’ series in which we discussed fears that defined benefit (DB) to defined contribution (DC) transfers would be banned. In this note, the eleventh in the series, we discuss the latest developments on DB to DC transfers and the implications for trustees and employers.

    Read full briefing note here

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    Briefing Note Contracting Out
    13 March 2015

    The new single tier state pension will be introduced on 6 April 2016, replacing the existing basic state pension and state second pension (S2P). At the same time, the option for defined benefit (DB) schemes to contract out of S2P will cease to exist. Employers with open contracted-out DB schemes will therefore need to decide how to respond to the abolition of contracting out. A new set of regulations provides one possible route for employers to amend their rules.

    View full briefing note here

     

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    Visit the Industry Insights page for news and views on the latest industry developments
 

 Events

 
    Getting Ready for Your Next Pension Scheme Valuation
    21 May 2015
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    Trustee Training - Trustee Knowledge and Understanding (Intensive)
    15 September 2015
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    Getting Ready for Your Next Pension Scheme Valuation
    24 September 2015
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    PS Annual Pensions Conference 2015
    1 October 2015
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    Getting Ready for Your Next Pension Scheme Valuation
    26 November 2015
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    Trustee Training - Trustee Knowledge and Understanding (Intensive)
    3 December 2015
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    Visit the Events area for all forthcoming Punter Southall seminars, conferences and events
    Speak to us

    Speak direct to our specialists in this area
    Neil Lalley
    Head of Employer Services
    Or call us on
    020 3327 5000