Pension cost accounting for Defined Benefit schemes

Employers are accountable for every business cost, and that includes their Defined Benefit schemes

Today’s employers are accountable for every business cost, and that includes their Defined Benefit schemes. They need the right pension information at the right time, to fit in with their year-end processes.

How can First Actuarial help?

We provide high quality pension cost accounting services at a reasonable fee. We produce our calculations quickly and accurately, making sure you get the information you need, when you need it.

We deliver a bespoke service to fit individual client needs. Some clients need a no-fuss compliance service, with timely and accurate delivery for a competitive fixed fee.

Others require a fuller service with initial estimates, early delivery of preliminary results, meetings to agree assumptions, and the provision of future projections.

We can help with whatever you need.

Why choose First Actuarial?

We have a wide range of clients accounting under each of the key accounting standards – FRS102 in the UK, FAS87/158 in the US and the international IAS19.

With this breadth of experience, we can pre-empt the issues involved when changing to IAS, for example, or reporting under both a local standard and IAS via a parent company.

We have developed innovative software tools to support our accounting work:

  • Valuation Viewer helps you understand the potential impact of each assumption on actuarial calculations. That way you can focus on the assumptions that matter, and make informed decisions.
  • Firstview keeps you up to date with the year-end accounting position of your scheme, so there are no unwelcome surprises when you receive our formal report.

As a specialist provider of actuarial and administration services for Defined Benefit schemes, we can look at the bigger picture, as well as help you tackle specific problems such as balance sheet volatility or cash flow concerns.

Get in touch

Get in touch with one of our consultants to discuss how we can help you

The team provide a very personable service, talking issues through with us to clarify exactly what our requirements are and making us fully aware of any professional implications that may be involved. Work is always produced to a high standard and to whatever format best suits our needs. I believe the service they provide is good value for money and to a high standard. I would recommend them.

- Ravinder Ahluwalia, Group Head of Procurement and Facilities

First Actuarial case studies

Oil and Gas Industry

Concerns about the mounting costs of a Defined Benefit (DB) Scheme in the oil and gas sector came to a head when a valuation revealed the need for 50% employer contributions. After presenting all the options, First Actuarial supported the...

The costs of running a DB Scheme were continually increasing for a company in the oil and gas industry.

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Diabetes UK

With First Actuarial’s governance and scheme secretarial service, Diabetes UK benefits from proactive and efficient support that covers every risk and eventuality.

"I’ve never regretted appointing First Actuarial to carry out governance and scheme secretarial services. They pass every test with flying colours and we feel very lucky. Running a pension scheme involves managing significant risks that can put organisations under acute financial pressure. So it’s worth getting the right tailored service to manage that risk."

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PremierFirst

Trustee Directors of the PremierFirst Vehicle Rental Pension Scheme struggled to find documents, and needed staff support and storage space for the archive held by the employer, Europcar, until they moved to the Client Hub.

“First Actuarial offered us a sensible and well-priced proposition. They supported us very well in uploading all our information in a structured way.
We’re not aware of any document going missing in the process. And it’s maintained very well.”

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See all our case studies
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