• Services
• Trustee Consulting
• Employer Consulting
  • Managing Benefits
  • Managing Cash
  • Managing Risk
    • Liability Risk Management
    • Controlling operational risk
    • Controlling the cost of member options
    • Reviewing or closing pension schemes
    • Investment Consulting
  • Presenting Employer Covenant
  • Financial reporting
  • Public sector outsourcing
  • Transactions
  • High Earners
  • Corporate DC
  • Health & Protection
  • International
• Pensions Administration
• Specialist Services
• Trustee Training
• Web-based Services & on-line tools
• Communications

Reviewing or closing pension schemes

Yawning funding gaps and onerous regulation have forced many UK employers to rethink their occupational pension arrangements. The double whammy of rising longevity and market volatility have seen the costs of providing a company pension scheme threaten to swallow up some businesses, leaving employers facing increasingly difficult decisions about the future for employee benefits.

Businesses need support and advice when tackling these issues if they wish to avoid damaging relationships with trustees or alienating their workforce.

Punter Southall’s Employer Consulting team has extensive experience in helping employers deal with scheme closure and benefit redesign. Our dedicated team can:

• Help make decisions about the level of affordable and sustainable pension provision, and present a business case to the trustees and employees which engages them in the process
• Advise on the options for future pension provision, providing guidance on the merits and potential pitfalls?
• Prepare management for negotiation with trustees on the future funding of the current pension arrangements to reach a mutually acceptable solution
• Benchmark the level of future pension provision to companies with similar workforces, ensuring any new pension arrangements remain attractive to both current employees and new recruits
• Evaluate the contracts of employment to avoid any future problems with existing employees, including the impact of changes on take-home pay and advising on the employer’s statutory duty to consult with members or their  representatives before implementing changes
• Calculate sensitivity of pension costs to different levels of employee uptake
• Plan for the impact of the introduction of Employer Duties scheduled for 2012, including ensuring the pension arrangements meet the exemption requirements (assuming you choose this route) and preparing for the potentially higher costs of auto-enrolment

The following case study contains more detail about the work of Punter Southall’s Employer Consulting team on scheme closure and benefit redesign.

For further information contact Danny Vassiliades by email or on 020 7839 8600.