INFORMED PENSION SCHEME DECISIONS. Employer covenant reviews for pension scheme trustees
|
|
- Anastasia Perkins
- 6 years ago
- Views:
Transcription
1 INFORMED PENSION SCHEME DECISIONS Employer covenant reviews for pension scheme trustees
2 CONTENTS Trustees under pressure 3 The independent employer covenant review 4 Key events initiating an employer covenant review 5 Keeping it simple 6 Meeting trustees needs the benefits of our approach 7 About RSM 8 2
3 TRUSTEES UNDER PRESSURE Weakened company balance sheets and the financial constraints facing businesses over the last few years have had a major impact on the employer covenants supporting many pension schemes. RSM research indicates around 90per cent of defined benefit schemes are now in deficit and a high proportion of recovery plans are struggling to overcome growing scheme deficits. An assessment of an employer s financial position and its ability to fund scheme benefits is critical in assisting trustees to make informed funding and investment decisions. To secure member benefits and comply with the Pension Regulator s (tpr) guidelines, it is more important than ever for pension scheme trustees to regularly monitor the employer covenant. A changing pensions environment tpr has adopted an increasingly sympathetic tone towards employers, taking a more flexible attitude to the length of recovery plans and avoiding measures that may adversely impact on business growth. This has increased the range of potential outcomes, compounding the challenges faced by trustees and employers in reaching sensible funding agreements and in tackling scheme deficits. Concerns about affordability have led many companies to de-risk by reducing reliance on employer contributions, and to look for more creative approaches to scheme security and funding structures, such as the use of contingent assets and asset-backed guarantees. Against this backdrop, there is an increasing awareness of the need to manage pension risk. Many trustee boards require expert advice on the employer covenant, not just as part of the valuation cycle, but in response to major corporate events, scheme events, creative funding initiatives or on a general ongoing basis. 3
4 THE INDEPENDENT EMPLOYER COVENANT REVIEW A COMPELLING CASE There are a growing number of reasons why trustees might choose to commission an independent employer covenant review, including: Verify the employer promise assuring trustees that a scheme sponsor has the financial ability to meet its promise of funding a scheme. Satisfy tpr guidelines helping trustees to meet their obligations in forming an objective opinion of the employer s financial position and ability to fund scheme benefits. Review scheme-specific funding testing the employer s commercial strength and ability to meet their funding obligations, including negotiating a suitable recovery plan and improving scheme security. Assess corporate events and transactions (including clearance applications) evaluating the impact of corporate events/transactions on the strength of the employer covenant, together with potential sources of mitigation. Provide monitoring ongoing valuable assurance is crucial, particularly in volatile trading conditions when the strength of the covenant can deteriorate quickly and trustees need to be able to react accordingly. Alleviate potential conflicts of interest where trustees may be unable to carry out an objective review of the covenant. Reduce personal risk protect trustees from potential personal liability in the event that a sponsoring employer fails to meet their obligations. Provide PPF certification assist trustees with the annual certification of contingent asset guarantees. 4
5 KEY EVENTS INITIATING AN EMPLOYER COVENANT REVIEW Employer-related: Merger or acquisition Divestment Refinancing Restructuring Deteriorating trading performance Dividend payment or share buy-back Asset-backed funding proposals Scheme-related: Valuation cycle Investment strategy review Apportionment arrangements Withdrawal arrangements Transfer value calculations Scheme merger or closure 5
6 KEEPING IT SIMPLE Establishing a thorough understanding of the employer covenant from a profit and loss, balance sheet and cash flow perspective is key to RSM s approach and provides greater clarity in terms of affordability (including free cash flow and competing cash demands) and financial durability. We assess the strength of the employer covenant using the indicative five-point scale shown below. This approach has proven particularly effective when supporting trustees in the following areas: working with scheme actuaries and investment advisers to set up funding and investment risk parameters agreeing affordable contribution levels with employers and, in turn, setting a realistic deficit recovery period requesting and obtaining formal security or other contingent assets to strengthen the scheme s position establishing the level and focus of ongoing monitoring required, including triggers for remedial action eg making additional contributions or providing security. VIEW ON COVENANT Strong Positive Moderate Negative Weak INTERPRETATION Covenant factors viewed as strong: no major weaknesses identified. Risk of failure to honour scheme liabilities currently viewed as low. Covenant factors viewed as positive/favourable: no major weaknesses identified. Risk of failure to honour liabilities considered on the lower side. Covenant factors viewed as mixed. Potential for failure to meet liabilities, though probably not high risk or short term. Negative covenant factors outweigh positives: some significant weaknesses identified. Need for improvement/ change/restructuring if employer to honour liabilities. Covenant factors display major signs of weaknesses/distress. Failure to honour liabilities, or in the worst case, insolvency is a strong possibility. 6
7 MEETING TRUSTEES NEEDS THE BENEFITS OF OUR APPROACH RSM s highly respected Covenant Assessment Services (CAS) team specialises in valuation and transaction-driven covenant reviews for trustees of defined benefit pension schemes. BENEFITS TO TRUSTEES Specialist expertise Collaborative approach National and international coverage Bespoke reviews Breadth of experience An expert team offering a high level of partner involvement where necessary to develop robust commercial solutions, without over-engineering them. The experience to understand and work closely with trustees, employers and their other advisers, allowing frank and constructive discussion of the issues and clear agreement on the way forward. A substantial national team with the depth of resources to deliver covenant review services to schemes throughout the UK, with access to global expertise. Pragmatic and proportionate advice tailored in scope and depth to specific scheme circumstances, providing the appropriate level of service at a competitive price. Based on a long track record of advising trustees from multi-employer schemes with assets of over 1 billion to single employer schemes worth 10 million or less and an impressively broad client portfolio across a range of industries. 7
8 ABOUT RSM RSM is a leading independent firm of accountants and business advisers, providing an integrated range of services from audit, accountancy and tax advice to pensions, corporate finance and restructuring and recovery services. The core of our CAS team is drawn from the firm s Restructuring and Recovery practice, building on many years experience in advising stakeholders on corporate strength and viability. The CAS team is an integral part of RSM s highly respected National Pensions Group, which brings together our pensions expertise and services from across the firm. Nationally, RSM is one of the largest firms of auditors to occupational pension schemes and has been recognised as a leading specialist in this area for many years. rsmuk.com Key contacts Guy Mander Head of CAS, Birmingham T +44 (0) M +44 (0) guy.mander@rsmuk.com Bruce Mackay Partner, London T +44 (0) M +44 (0) bruce.mackay@rsmuk.com Matthew Wild Partner, London T +44 (0) M +44 (0) matthew.wild@rsmuk.com Willie Duncan Partner, Leeds T +44 (0) M +44 (0) willie.duncan@rsmuk.com Paul Dounis Partner, Edinburgh T +44 (0) M +44 (0) paul.dounis@rsmuk.com Mark Boughey Partner, Bristol T +44 (0) M +44 (0) mark.boughey@rsmuk.com John Gilmore Director, Birmingham T +44 (0) M +44 (0) john.gilmore@rsmuk.com Rhonda Gilmore Director, Birmingham T +44 (0) M +44 (0) rhonda.gilmore@rsmuk.com Guy Jackson Director, Guildford T +44 (0) M +44 (0) guy.jackson@rsmuk.com Richard Leach Director, Leeds T +44 (0) M +44 (0) richard.leach@rsmuk.com Mark Oldfield Director, London T +44 (0) M +44 (0) mark.oldfield@rsmuk.com Kevin Lamb Director, Edinburgh T +44 (0) kevin.lamb@rsmuk.com Kerry Boyes Associate Director, Guilford T +44 (0) kerry.boyes@rsmuk.com Dipesh Patel Manager, London T +44 (0) M +44 (0) dipesh.patel@rsmuk.com The UK group of companies and LLPs trading as RSM is a member of the RSM network. RSM is the trading name used by the members of the RSM network. Each member of the RSM network is an independent accounting and consulting firm each of which practises in its own right. The RSM network is not itself a separate legal entity of any description in any jurisdiction. The RSM network is administered by RSM International Limited, a company registered in England and Wales (company number ) whose registered office is at 11 Old Jewry, London EC2R 8DU. The brand and trademark RSM and other intellectual property rights used by members of the network are owned by RSM International Association, an association governed by article 60 et seq of the Civil Code of Switzerland whose seat is in Zug. RSM UK Consulting LLP, RSM Corporate Finance LLP, RSM Restructuring Advisory LLP, RSM Risk Assurance Services LLP, RSM Tax and Advisory Services LLP, RSM UK Audit LLP, RSM Employer Services Limited and RSM UK Tax and Accounting Limited are not authorised under the Financial Services and Markets Act 2000 but we are able in certain circumstances to offer a limited range of investment services because we are members of the Institute of Chartered Accountants in England and Wales. We can provide these investment services if they are an incidental part of the professional services we have been engaged to provide. Baker Tilly Creditor Services LLP is authorised and regulated by the Financial Conduct Authority for credit-related regulated activities. RSM & Co (UK) Limited is authorised and regulated by the Financial Conduct Authority to conduct a range of investment business activities. Whilst every effort has been made to ensure accuracy, information contained in this communication may not be comprehensive and recipients should not act upon it without seeking professional advice RSM UK Group LLP, all rights reserved
PENSIONS GOVERNANCE WEBINAR. 14 July 2016
PENSIONS GOVERNANCE WEBINAR 14 July 2016 Your presenters today Helen Hord Audit Senior Manager helen.hord@rsmuk.com Helen joined RSM as a specialist pensions Audit Senior Manager in 2015 having spent 17
More informationStarting up in the UK
Starting up in the UK Why RSM We listen We have spent years listening to our international clients and refining our start up service offering accordingly. Honest, transparent relationships with our clients
More informationBrexit Monitor. Results. October 2018
Brexit Monitor Results October 2018 Brexit Monitor How is the middle market faring as the enters one of the most uncertain and volatile operating environments since the global economic collapse? RSM s
More informationMaking tax digital for VAT
Making tax digital for VAT 2 The transition to Making Tax Digital for VAT (MTD) represents one of the most fundamental changes to the UK tax system in a generation. MTD is designed to ensure a more timely
More informationCHARITIES SORPS (FRS 102 AND FRSSE) How the new accounting rules affect aspects of your charity
CHARITIES SORPS (FRS 102 AND FRSSE) How the new accounting rules affect aspects of your charity DO YOU OWN A FREEHOLD PROPERTY? With the introduction of FRS 102 and the new SORP, not much has changed in
More informationLondon Borough of Southwark
London Borough of Southwark Internal Audit Report 2015/16 ADD08 - School Audits Summary of Themes arising from the Internal Audit three-year programme 2012/13 to 2014/15 January 2016 CONTENTS PAGE NO.
More informationPENSIONS WEBINAR THE PENSIONS SORP INVESTMENT DISCLOSURES
PENSIONS PENSIONS WEBINAR THE PENSIONS SORP INVESTMENT DISCLOSURES Philip Briggs Fair value hierarchy FRC published FRED 62 in March 2016 which changed FRS 102 to bring the disclosures in relation to the
More informationCovenant Advisory. Meet the team. Summer 2018
Covenant Advisory Meet the team Summer 2018 Why EY Our national award winning and friendly team is experienced in advising in all matters relating to covenant with the ability to draw on the strengths
More informationBEYOND OUTLOOK FOR THE UK REAL ESTATE SECTOR
BEYOND 2016 - OUTLOOK FOR THE UK REAL ESTATE SECTOR It has been a very eventful year for the UK real estate sector. There was significant growth in 2015, with a considerable number of deals concluding
More informationCovenant Advisory. Meet the team. Winter 2018
Covenant Advisory Meet the team Winter 2018 Why EY Our national award winning and friendly team is experienced in advising in all matters relating to covenant with the ability to draw on the strengths
More informationSpecial Investigations. Contentious insolvency and fraud investigations
Special Investigations Contentious insolvency and fraud investigations 2 Integrated asset recovery solutions If fraud is suspected, assets have been moved without knowledge, or you are struggling to secure
More informationA NEW WAY OF LOOKING AT EMPLOYER COVENANT. it is the longevity of the Employer
A NEW WAY OF LOOKING AT EMPLOYER COVENANT It is not the longevity of the members that is important. It is not the longevity of the members that is important. it is the longevity of the Employer CONTENTS
More informationHow to contingency plan. What does TPR mean by contingency planning and what should trustees be doing? RISK MANAGEMENT INSIGHTS
RISK PENSIONS INVESTMENT INSURANCE RISK MANAGEMENT INSIGHTS How to contingency plan What does TPR mean by contingency planning and what should trustees be doing? As part of its focus on Integrated Risk
More informationTax facts 2019/20. Based on Budget announcements on 29 October Title of document
Tax facts 2019/20 Based on Budget announcements on 29 October 2018 Title of document Income tax rates Individuals - UK 2019/20 Rate 2018/19 Rate Note Starting rate 1-5,000 20% 1-5,000 20% A, D Basic rate
More informationIntegrated Risk Management Delivering improved outcomes
Integrated Management Delivering improved outcomes Funding Investment Covenant Governance Legal The issue The Pensions Regulator's (TPR) guidance on Integrated Management (IRM) is relevant for all pension
More informationFORENSIC AND INVESTIGATION SERVICES
FORENSIC AND INVESTIGATION SERVICES Experience the power of being understood. Experience RSM. 2 RSM INTERNATIONAL 6 th largest global audit, tax and consulting network 41,400 people 3,380 partners 120
More informationCHARITY GOVERNANCE Looking ahead with clear vision
CHARITY GOVERNANCE 2020 Looking ahead with clear vision Contents FOREWORD 3 PART ONE GOOD FOUNDATIONS 1 WHAT AND WHO ARE WE HERE FOR? 4 Full edition includes: 2 EXPECTATIONS OF TRUSTEES 3 THE BUSINESS
More informationPension scheme de-risking a practical guide
Pension scheme de-risking a practical guide Pension scheme de-risking a practical guide Introduction The Aon Hewitt Mid-Market Pension Survey 2012 found that over 80% of UK pension schemes with assets
More informationA GUIDE FOR EMPLOYERS PARTICIPATING IN THE LGPS AN INTRODUCTION TO THE LGPS FOR SCHEDULED BODIES
A GUIDE FOR EMPLOYERS PARTICIPATING IN THE LGPS AN INTRODUCTION TO THE LGPS FOR SCHEDULED BODIES 2 A guide for employers participating in the LGPS CONTENTS 1. Introduction 4 What is the LGPS? 4 How is
More informationBy way of background, Carillion (DB) Pension Trustee limited became trustee of the 6 schemes on 1 April I have been chairman since that date.
Rt Hon Frank Field MP Chair Work and Pensions Committee House of Commons London SW1A 0AA workpencom@parliament.uk By email 26 January 2018 Dear Mr Field Carillion (DB) Pension Trustee Many thanks for your
More informationSPRING BUDGET 2017 PREDICTIONS
SPRING BUDGET 2017 PREDICTIONS SPRING BUDGET 2017 PREDICTIONS What we are confident will be announced Personal taxation Valuation of benefits in kind - Following the announcement in Autumn Statement 2016,
More informationTECHNICAL PMI. Assessing the strength of the employer s covenant. The Pensions Management Institute
PMI TECHNICAL JUNE 2006 The Pensions Management Institute Pensions Professionals in practice Assessing the strength of the employer s covenant Samantha Bewick, Director, Restructuring, KPMG LLP (UK) What
More informationEmployer Covenant Working Group
Employer Covenant Working Group TYPE A Contingent Asset Guarantee Certification A practical guide for advisors, trustees and sponsors November 2018 1 Contents 1. Objectives 2. Introduction 3. Guidance
More informationPension De-Risking. De-risking your future: A structured plan.
Pension De-Risking De-risking your future: A structured plan. Planning for an uncertain future is a key aspect of pension scheme management. Over the past decade, a seemingly never-ending flow of developments
More informationMONTHLY REGULATORY UPDATE JANUARY 2017
MONTHLY REGULATORY UPDATE JANUARY 2017 6 February 2017 The following is a summary of the pronouncements issued since our last regulatory update for the financial services sector issued on 3 January 2017.
More informationProactive and professional trustee services. The benefits of working with PS Independent Trustees
Proactive and professional trustee services The benefits of working with PS Independent Trustees Why use an independent trustee? There are clear times when a pension scheme or corporate sponsor would benefit
More informationTO FIT YOUR BUSINESS
For employers Retirement Solutions TAILORED SOLUTIONS TO FIT YOUR BUSINESS A guide for employers WORK SMARTER NOT HARDER These days, offering your workers a good pension is vital. Of course, as pensions
More informationAUTUMN STATEMENT 2016 PREDICTIONS
AUTUMN STATEMENT 2016 PREDICTIONS AUTUMN STATEMENT 2016 PREDICTIONS Budget 2016 may have been only eight months ago, but the world now looks a very different place. When the Chancellor gets to his feet
More informationA summary of changes to the PPF Levy for 2015/16
A summary of changes to the PPF Levy for 2015/16 Executive summary The PPF has confirmed that a number of changes will be made to the levy it charges to all eligible DB schemes. The key changes have already
More informationSCHEME SPECIFIC FUNDING, VALUATIONS AND RECOVERY PLANS
SCHEME SPECIFIC FUNDING, VALUATIONS AND RECOVERY PLANS Members of the IFB met with The Pensions Regulator in November to discuss issues around the funding of defined benefit (DB) occupational pension schemes.
More informationA Dynamic Approach to Corporate Pensions Disclosures. Value added corporate pensions consulting
A Dynamic Approach to Corporate Pensions Disclosures Value added corporate pensions consulting A dynamic approach to corporate pensions disclosures At Punter Southall, we have always recognised the need
More informationThe Balancing Act between Pension Scheme Funding and Rewarding Shareholders
UK The Balancing Act between Pension Scheme Funding and Rewarding Shareholders Volume 2018 Issue 19 11 April 2018 The Pensions Regulator has published its latest annual funding statement for trustees and
More informationHEALTH OF THE SECTOR IN A snapshot of the social housing sector
HEALTH OF THE SECTOR IN 2016 A snapshot of the social housing sector 1 CONTENTS INTRODUCTION 4 SUMMARY OF KEY FINDINGS 6 OVERVIEW 8 ECONOMIC VIEWPOINTS 10 VIEWS ON CURRENT HOUSING POLICY 11 SECTOR IMPLICATIONS
More informationResearch Report. Review of Funding for Traveller-Specific Accommodation and the Implementation of Traveller Accommodation Programmes
Research Report Review of Funding for Traveller-Specific Accommodation and the Implementation of Traveller Accommodation Programmes Final report prepared by RSM June 2017 THE POWER OF BEING UNDERSTOOD
More informationEssential pensions news
Financial institutions Energy Infrastructure, mining and commodities Transport Technology and innovation Life sciences and healthcare Essential pensions news Updater December 2013 Contents 01 TPR publishes
More informationWELCOME CONTACT US OTHER QUILTER CHEVIOT OFFICES: QUILTER CHEVIOT
FOR INTERMEDIARIES WELCOME With offices in Dublin as well as London, Jersey and across the UK, we focus exclusively on providing a bespoke investment management service to private clients, trusts, charities,
More informationFinancial modelling. Corporate Finance PRECISE. PROVEN. PERFORMANCE.
Financial Corporate Finance PRECISE. PROVEN. PERFORMANCE. Financial Working with business owners Businesses seeking capital are faced with an obligation to provide financial projections to potential stakeholders.
More informationCompany voluntary arrangements PPF RESTRUCTURING & INSOLVENCY TEAM GUIDANCE NOTE 5
Company voluntary arrangements PPF RESTRUCTURING & INSOLVENCY TEAM GUIDANCE NOTE 5 December 2018 2 Company voluntary arrangements Contents Section 1 Background 3 Section 2 PPF practice situations affecting
More informationTrustees and sponsors, especially those currently carrying out or approaching a valuation
Page 1 of 5 News Alert 2018/02 11 April 2018 The Pensions Regulator s annual funding statement 2018 At a glance The Pensions Regulator has issued its 2018 annual funding statement which sets out the Regulator
More informationSuccessful investment strategy for pension schemes
RISK PENSIONS INVESTMENT INSURANCE Successful investment strategy for pension schemes A three-step approach 1 Successful investment strategy for pension schemes Pension fund investment is undoubtedly one
More informationICAEW REPRESENTATION 57/17
ICAEW REPRESENTATION 57/17 Security and Sustainability in Defined Benefit Pension Schemes ICAEW welcomes the opportunity to comment on the Security and Sustainability in Defined Benefit Pension Schemes
More informationA G U I D E T O A I M U K T A X B E N E F I T S n o n - u k c o m p a n i e s
A G U I D E T O A I M U K T A X B E N E F I T S n o n - u k c o m p a n i e s AIM is the London Stock Exchange s international market for young and growing companies. AIM provides an ideal environment
More informationAsset-backed Contributions The importance of trustee due diligence
Asset-backed Contributions What is an ABC? Basically a contractual funding arrangement where an income stream is provided to a scheme, usually via a special purpose vehicle and is treated as an asset,
More informationLuxembourg Limited Partnerships: SCS-SCSp
Publication - October 2015 / Luxembourg Limited 2. ABOUT RSM Luxembourg Limited Partnerships: SCS-SCSp Framework and definition The Luxembourg Limited Partnerships (Lux LPs): an attractive and flexible
More informationWhether we are hands-on supporting a growing business through a major, once in a lifetime deal, advising investors or management teams on private
Corporate Whether we are hands-on supporting a growing business through a major, once in a lifetime deal, advising investors or management teams on private equity transactions, management buy-outs and
More informationThe Secretary to the Code Committee The Takeover Panel 10 Paternoster Square London EC4M 7DY. 27 May 2011
Eleanor Dowling Principal Tower Place London EC3R 5BU Tel/Fax 020 7178 7186 eleanor.dowling@mercer.com www.mercer.com 10 Paternoster Square London EC4M 7DY Subject: Consultation regarding proposed amendments
More informationMethodology and Inputs for the 2017 Valuation: Initial assessment. Technical discussion document for sponsoring employers
NOTE: This document was first circulated to stakeholders in February 2017 as part of the Trustee's preparations for the 2017 valuation. In December 2017, a formal actuarial report was submitted to the
More informationA Flight Path to Self Sufficiency
A Flight Path to Self Sufficiency Longer term planning for pension schemes Mark Humphreys and Jonathan Smith, Head of UK Strategic Solutions & Strategic Solutions Analyst Introduction In this paper we
More informationSir David Eastwood Chair of Trustees Universities Superannuation Scheme Ltd Sent via only. Our ref: C December 2018.
Sir David Eastwood Chair of Trustees Universities Superannuation Scheme Ltd Sent via email only Our ref: C72540470 11 December 2018 Dear Sir David Universities Superannuation Scheme (the Scheme) Actuarial
More informationOur valuation services
VALUATION SERVICES Our valuation services FINANCIAL REPORTING VALUATION TAX VALUATION AND TRANSFER PRICING IP AND OTHER INTANGIBLE ASSETS Purchase price allocation Impairment review Share based payments
More informationWe believe that everyone should expect more from the pensions industry
We believe that everyone should expect more from the pensions industry 1 The pensions industry is undoubtedly under pressure with the environment becoming increasingly challenging and complex for trustees,
More informationTransaction Advisory Services. Managing capital and transactions for your private business
Transaction Advisory Services Managing capital and transactions for your private business Transaction Advisory Services in Canada 1 Staying ahead in an ever changing world Amid ever-changing variables,
More informationCompulsory purchase orders. Resolving disputes
Compulsory purchase orders Resolving disputes Compulsory purchase of property is an essential tool in a modern democratic society. It facilitates planned and orderly development Hand in hand with the power
More informationWest Midlands Pension Fund. Statement of Investment Principles 2016
West Midlands Pension Fund Statement of Investment Principles 2016 September 2016 Statement of Investment Principles 2016 1) Introduction This is the Statement of Investment Principles (the Statement )
More informationTHE BOARD OF THE PENSION PROTECTION FUND. Guidance in relation to Contingent Assets. Type A Contingent Assets: Guarantor strength 2018/2019
THE BOARD OF THE PENSION PROTECTION FUND Guidance in relation to Contingent Assets Type A Contingent Assets: Guarantor strength 2018/2019 This draft document will be published in final form as part of
More informationReducing your Pension Protection Fund (PPF) levy for 2018/19
Reducing your Pension Protection Fund (PPF) levy for 2018/19 November 2017 Pension briefing HIGHLIGHTS 2018/19 is the first year of the Pension Protection Fund (PPF)'s third levy "triennium" under the
More informationThompson Taraz. Enterprise Investment Scheme (EIS) Consultancy. Management and administration. Tax and compliance
Thompson Taraz Enterprise Investment Scheme (EIS) Consultancy Management and administration Tax and compliance EIS Consultancy We have access to a wide range of experienced, multi-disciplinary consultants
More informationReducing your Pension Protection Fund (PPF) levy for 2018/19
Reducing your Pension Protection Fund (PPF) levy for 2018/19 Updated January 2018 Pension briefing HIGHLIGHTS 2018/19 is the first year of the Pension Protection Fund (PPF)'s third levy "triennium" under
More informationAlternative Investment Fund Depositary
Thompson Taraz Alternative Investment Fund Depositary Safeguarding Assets Cash Monitoring Oversight of Fund Operations AIFMD Depositary An experienced partner When looking for a depositary service, choosing
More informationFailure to prevent the facilitation of tax evasion:
Failure to prevent the facilitation of tax evasion: Our solution to help you avoid committing the new offence October 2016 This note does not constitute legal advice. Specific legal advice should be taken
More informationCorporate & Commercial
Corporate & Commercial Middle East ''A completely stellar firm, with real strength & depth. All the people are great - all are absolutely razor sharp with knowledge of the law." Chambers UK, 2014 Introduction
More informationMERCER JELF FINANCIAL PLANNING
MERCER JELF FINANCIAL PLANNING Advised Pension Services Ensuring that you can afford the retirement lifestyle you want is one of life s main financial objectives. However, the increasingly complex nature
More informationFailure to prevent the facilitation of tax evasion: Our solution to help you avoid committing the new offence
Failure to prevent the facilitation of tax evasion: Our solution to help you avoid committing the new offence November 2016 Tax evasion can take many forms, and distinguishing tax evasion from tax avoidance
More informationGeneral guidance on Insolvency and the Assessment Period REQUIREMENTS AND EXPECTED CASE CONDUCT FOR INSOLVENCY PRACTITIONERS
General guidance on Insolvency and the Assessment Period REQUIREMENTS AND EXPECTED CASE CONDUCT FOR INSOLVENCY PRACTITIONERS December 2018 2 General guidance on Insolvency and the Assessment Period Contents
More informationPension-driven restructuring
Restructuring insights 2013 Pension-driven restructuring Key considerations for stakeholders Pension deficit recovery plans are becoming longer and more complex. Despite increasing innovation in this space,
More informationBulk Annuity Services. Working with Willis Towers Watson
Bulk Annuity Services Working Bulk with Annuity Willis Towers Services Watson Working with Willis Towers Watson It s a busy market and Willis Towers Watson has been at the forefront, driving innovation
More informationexecutive summary ExEcuTivE SuMMAry
executive summary 1 British Energy was privatised in 1996. In 2002, the price of electricity fell and on 5 September 2002, the Company applied to the Department of Trade and Industry (the Department) for
More informationSTATEMENT OF INVESTMENT PRINCIPLES NEW AIRWAYS PENSION SCHEME
STATEMENT OF INVESTMENT PRINCIPLES NEW AIRWAYS PENSION SCHEME Contents Section 1 Introduction... 3 Section 2 Objectives funding and investment... 4 Section 3 - Strategy... 5 Section 4 Permitted Investment
More informationThe five biggest DB pensions challenges today
Aon Hewitt Retirement and Investment The five biggest DB pensions challenges today and how to solve them Enter What are the biggest challenges facing UK Defined Benefit (DB) schemes today? The DB pensions
More informationINDEPENDENT SCHOOLS. End of term report. Summer 2016
O INDEPENDENT SCHOOLS End of term report Summer 2016 CONTENTS INTRODUCTION 3 SORP FRS 102 HAS ARRIVED 4 GOVERNANCE BOARD DYNAMICS 8 FINANCE FUNCTION EFFECTIVENESS HOW FINANCE CAN HELP DRIVE YOUR SCHOOL
More informationBDO I N I V N EST S M T ENT N T MAN A A N G A E G MENT N CO C NS N U S LT L A T N A C N Y C Y SE S RV R IC I E C S
BDO INVESTMENT MANAG CONSULTANCY SERVICES GEMENT WHY BDO INVESTMENT MANAGEMENT? WE SET OUT BELOW WHY BDOIM ARE AN IDEAL CHOICE AS INVESTMENT CONSULTANTS: 1. Comprehensive expertise in investment BDOIM
More informationBoard of Management Audit Committee
Board of Management Audit Committee Date of Meeting Monday 28 November 2016 Paper No. AC2-E Agenda Item 8 Subject of Paper Internal Audit Annual Report 2015-16 FOISA Status Primary Contact Date of production
More informationAon Hewitt Risk Settlement Group. Bulk Annuity Compass. The complete solution for bulk annuities. Risk. Reinsurance. Human Resources.
Aon Hewitt Risk Settlement Group Bulk Annuity Compass The complete solution for bulk annuities Risk. Reinsurance. Human Resources. Introducing Bulk Annuity Compass Aon Hewitt s online bulk annuity broking
More informationHelping you improve your investment portfolio in challenging markets
Aon Hewitt Retirement and Investment For Professional Clients only Helping you improve your investment portfolio in challenging markets Investment solutions for insurers Over 820 investment professionals
More informationResponse to DWP Green Paper: Security and Sustainability in Defined Benefit Pension Schemes
Response to DWP Green Paper: Security and Sustainability in Defined Benefit Pension Schemes Submission by Prospect May 2017 www.prospect.org.uk Latest revision of this document: https://library.prospect.org.uk/id/2017/00770
More informationNew Zealand Institute of Chartered Accountants
New Zealand Institute of Chartered Accountants Issued 03/11 Amended 07/13 ENGAGEMENT STANDARD INSOLVENCY ENGAGEMENTS Issued by the Board of the New Zealand Institute of Chartered Accountants CONTENTS Paragraph
More informationUNIVERSITIES SUPERANNUATION SCHEME
UNIVERSITIES SUPERANNUATION SCHEME INSTITUTIONS MEETING 2014 ACTUARIAL VALUATION 4 December 2014 Ali Tayyebi Scheme Actuary Agenda Valuing Pension Benefits 2011 Valuation Results Key Changes Since Last
More informationStatement of Investment Principles
Statement of Investment Principles This is the Statement of Investment Principles (the Statement ) made by Hermes Pension Trustees Limited, as Trustee (the Trustee ) of the Hermes Group Pension Scheme
More informationPensions Act 2004 and Corporate Actions
Pensions Act 2004 and Corporate Actions The Government passed the Pensions Act in November 2004 with the aim of protecting pension schemes. Certain provisions came into force on 6 April 2005. There has
More informationReducing your Pension Protection Fund (PPF) levy for 2019/20
Reducing your Pension Protection Fund (PPF) levy for 2019/20 November 2018 Pension briefing HIGHLIGHTS 2019/20 is the second year of the Pension Protection Fund (PPF)'s third levy "triennium" under the
More informationWEALTH PLANNING INVESTMENTS LENDING
WEALTH PLANNING INVESTMENTS LENDING WELCOME TO BROWN SHIPLEY THE WEALTH TAILORS We are wealth managers, offering clients informed financial advice and tailored services on all aspects of wealth planning,
More informationStatement of Investment Principles
Statement of Investment Principles Cheshire Pension Fund September 2012 Page 1 of 14 Introduction This is the Statement of Investment Principles (SIP) produced by Cheshire West and Chester Council as administering
More informationThe Bupa Healthcare Trust Scheme. Looking after your employees and your business. A guide to understanding an alternative to private health insurance.
The Bupa Healthcare Trust Scheme Looking after your employees and your business A guide to understanding an alternative to private health insurance. Helping to support your health and wellbeing strategy
More informationPension scheme consolidation
Briefing Pension scheme consolidation An alternative to traditional exit strategies? RISK PENSIONS INVESTMENT INSURANCE Traditionally, there have been two main pension scheme exit strategies: 1. Prudent
More informationSupporting your international development
Supporting your international development Technology sector PRECISE. PROVEN. PERFORMANCE. Supporting your international development Even in difficult economic circumstances throughout Europe, the UK technology
More informationWealth management services for partners
Wealth management services for partners Helping partners to safeguard and build their wealth / SOLICITORS & ACCOUNTANTS Contents Living for the moment, 4 preparing for the future Providing high-quality
More informationEmployer Debt (Section 75 of the Pensions Act 1995) Consultation on draft regulations draft ICAEW response
19 November 2009 Our ref: ICAEW Rep 118/09 Your ref: Mike Rochford Department for Work and Pensions 7 th Floor Caxton House Tothill Street London SW1H 9NA Dear Mr Rochford Employer Debt (Section 75 of
More informationCharities. Dedicated investment management service for charities and trustees
Charities Dedicated investment management service for charities and trustees 1 Smith & Williamson Investment Management Charities Our investment management services for charities We have a specialist team
More informationIFRS ILLUSTRATIVE CONSOLIDATED FINANCIAL STATEMENTS FOR SMALL AND MEDIUM-SIZED ENTITIES FOR THE YEAR ENDED 31 DECEMBER 2010
IFRS ILLUSTRATIVE CONSOLIDATED FINANCIAL STATEMENTS FOR SMALL AND MEDIUM-SIZED ENTITIES FOR THE YEAR ENDED 31 DECEMBER 2010 IFRS Illustrative Consolidated Financial Statements for Small and Medium-Sized
More informationSHARE-BASED PAYMENT SCHEMES. Understanding options and performance rights ADDED VALUE THROUGH IDEAS AND INSIGHT
ADDED VALUE THROUGH IDEAS AND INSIGHT SHARE-BASED PAYMENT SCHEMES Understanding options and performance rights Key accounting and business considerations WHAT ARE THE MAIN ACCOUNTING AND BUSINESS CONSIDERATIONS?
More informationPrivate Client Services. A personal service
Private Client Services A personal service An individual approach Managing your wealth requires many attributes, from clearly defined goals to sound advice and focussed investment research. But in our
More informationInvestment Management Services for Financial Advisers
Working in partnership with Investment Management Services for Financial Advisers In partnership with Vision. So you can focus on your clients. Our job is to offer you, as a client or potential client,
More informationThe Co-operative Pension Scheme ( Pace )
The Co-operative Pension Scheme ( Pace ) Statement of Investment Principles August 2013 1. Introduction Pace Trustees Limited ( the Trustee ) has drawn up this Statement of Investment Principles ( the
More informationMr Kevin DIXON Managing Director Asia Pacific Mott MacDonald
Attracting investors - Issues in preparing business cases Mr Kevin DIXON Managing Director Asia Pacific Mott MacDonald Kevin.Dixon@mottmac.com +65 62839100 Mott MacDonald does not accept any liability
More informationThompson Taraz. Enterprise Investment Scheme (EIS) Consultancy. Management and administration. Tax and compliance
Thompson Taraz Enterprise Investment Scheme (EIS) Consultancy Management and administration Tax and compliance EIS Consultancy We have access to a wide range of experienced, multi-disciplinary consultants
More informationA GUIDE TO PENSION TRANSFERS FINANCIAL ADVICE & WEALTH MANAGEMENT
A GUIDE TO PENSION TRANSFERS FINANCIAL ADVICE & WEALTH MANAGEMENT 2017 Have confidence in your pension and peace-of-mind to enjoy life now. Chartered Financial Advisers 29 years professional experience
More informationICAEW REPRESENTATION 07/18
ICAEW REPRESENTATION 07/18 Occupational Pension Schemes (Master Trusts) Regulations 2018 ICAEW welcomes the opportunity to comment on the Occupational Pension Schemes (Master Trusts) Regulations 2018 published
More informationGovernance in brief. Brexit and viability disclosures a timely reminder. Headlines. Background. The Deloitte Academy January 2019
The Deloitte Academy January 2019 Governance in brief Brexit and viability disclosures a timely reminder Headlines The FRC is calling for clear reporting on the potential risks arising from Brexit, and
More informationFCA-TPR-TPAS joint protocol January 2019
FCA-TPR-TPAS joint protocol January 2019 Contents Purpose page 3 Sharing information page 3 Joint communications to pension scheme trustees (general) page 3 Joint communications to pension scheme trustees
More informationPENSIONS. Evolution Solutions Performance. Aon Pension Conference Birmingham Bristol Edinburgh Leeds London Manchester
PENSIONS Evolution Solutions Performance Aon Pension Conference 2019 Birmingham Bristol Edinburgh Leeds London Manchester Welcome The 2019 Aon Pension Conference has been designed for trustees of pension
More information