Defined Benefit pension schemes that at one stage aligned with the business in a cost-effective way, can over time become inefficient, inappropriate and costly.
It makes sound business sense to carry out regular reviews of your pension arrangements, making sure they remain fit for purpose.
Our benefit review highlights potential problems, and sets out possible changes along with a process to put them in place. We draw on our extensive experience to work out what is feasible, and how easy or difficult any changes will be.
Where substantial changes are required, we can provide a full range of options, including cash balance, Collective Defined Contribution and Defined Contribution plans. We have knowledge and experience of all types of pension scheme and can guide you to the right scheme type or design for your needs.
We’ll then help you get from your current position to the new arrangement cost-effectively, and with minimum disruption.
Our consultants are highly experienced at proposing change, whether to a board of directors or scheme members. We use our ModelScheme software to show you projections of future scheme developments under different benefit structures. This is a useful tool for evaluating your options, and the charts it generates are persuasive.
If you decide to modify your scheme, our consultants will support you in making changes quickly and efficiently. We offer vast experience of negotiating with trustees and communicating changes to scheme members.
Get in touch with one of our consultants to discuss how we can help you
Having recently appointed First Actuarial, we have, within a short period of time, reviewed and assessed all aspects of our Company’s pension fund. We have been most impressed with their efficient, professional approach and would have no hesitation in recommending their services to any potential customer.
- David Brunton, Managing DirectorConcerns 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.
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."
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.”