Working with your trustees

​This could be in situations such as:

  • reviewing or closing company pension schemes
  • controlling the cost of member options
  • controlling operational risk


​We can help you:
  • understand your scheme’s investment strategy and the options available to your trustees - for example, reducing pension scheme funding volatility through investing in alternative assets or using investment products to safeguard against large drops in equity markets
  • prepare for negotiation with scheme trustees on the future funding of the current pension arrangements
  • effectively present the strength of your employer covenant to your scheme trustees, and negotiate with them on covenant-related issues
  • ensure your pension scheme works for your high earning individuals, with the latest developments in the annual and lifetime allowances handled correctly
  • present a business case to trustees and employees when scheme changes are required, which engages them in the process
  • consult with your scheme trustees when considering a liability reduction exercise to help de-risk your pension scheme


 Insights and views

    Corporate Bulletin: Quarter 1 2014
    3 April 2014
    Welcome to this new edition of our quarterly bulletin aimed at defined benefit (DB) sponsors. The recent budget has hit the headlines with some real implications for employers and their pension scheme members. We also talk about the financial conditions at 31 March 2014 and how these might impact pension disclosures at this quarter end alongside market news regarding pension buy-outs and de-risking.

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    Corporate Bulletin: Quarter 4 2013
    3 January 2014
    Happy New Year and welcome to our latest quarterly corporate bulletin. In this edition we discuss market conditions and accounting assumptions at the end of 2013.

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    Corporate Bulletin: Quarter 3 2013
    4 October 2013
    Welcome to the 30 September 2013 edition of our corporate bulletin. Enclosed is a brief outline of market conditions for those preparing disclosures at this date and some topical news for finance directors.

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    Corporate Bulletin: Quarter 2 2013
    4 July 2013
    In brief:
    • Discount rates will be similar to this time last year although higher expectations of price inflation will increase accounting liabilities by around 5-10% over the year.
    • Pension scheme investments have had a volatile year, although for most schemes overall these will have kept pace with the increase in liabilities. Deficits may have stood still or marginally improved over the year.
    • Companies should seek to engage with trustees regarding the new funding objective at the next triennial valuation. The need for business growth may become a contentious area for discussion.
    • Complex calculation requirements to quantify the accrual of pension benefits for company directors look set to come into force in autumn 2013. Companies should ensure they are ready to meet the new requirements.
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    Corporate Bulletin: Quarter 1 2013
    8 April 2013
    In brief:
    • Lower net discount rates at the quarter end mean that pension scheme liabilities could increase by up to 15% compared with the previous year.
    • However, many companies may see net deficits reported on the balance sheet remain broadly unchanged due to good investment performance over the period.
    • The Financial Reporting Council have published FRS102 which will replace FRS17 for accounting periods beginning on or after 1 January 2015.
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    Valuations in a cold climate revisited
    5 March 2013
    Following an announcement made by the Chancellor of the Exchequer in his autumn statement last year, the Department for Work and Pensions (DWP) has published a ‘call for evidence’ entitled ‘Pensions and Growth’ on whether to allow smoothing of assets and liabilities in scheme funding valuations and whether to require the Pensions Regulator (TPR) to have a new statutory objective to consider the long-term affordability of deficit recovery plans to sponsoring employers.

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    Call for evidence on new statutory objective for the Pensions Regulator
    21 February 2013

    Punter Southall’s response to the call for evidence on whether to introduce a new statutory objective for the Pensions Regulator.


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

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