Halting increasing costs

Despite having closed its final salary scheme to new entrants and then to further accrual for existing members, and resolving the resulting deficit, subsequent actuarial valuations for this client’s pension scheme continued to show levels of deficit. On acceptance of a TW proposal to the Board, scheme members were offered the choice of an enhanced transfer value or an insurance company deferred annuity policy. The whole exercise, including an audit of the scheme data recalculation of most members’ benefits and obtaining and implementing members’ choices, was successfully completed in under 12 months.