New ‘Illuminate’ online valuation tool unveiled

Barnett Waddingham, the UK’s largest independent firm of actuaries and consultants, has today launched ‘Illuminate’, an online valuation tool which allows trustees and employers to monitor funding levels and analyse risk instantly, whilst keeping in-line with The Pension Regulator’s updated defined benefit (DB) code of practice.

Illuminate enables users to view online their scheme’s changing financial position in real time. Additionally, Illuminate allows the user to look into the future, modelling the impact of various scenarios on their scheme, such as changes in interest rates or a revised investment strategy.

The new tool, which is now available to all Barnett Waddingham clients, has been developed specifically with the Pension Regulator’s updated DB code of practice in mind, so that users can monitor their scheme’s financial position safe in the knowledge that the valuation models generated will be within the guidelines set out in the latest DB code of practice.

Paul Hamilton, partner at Barnett Waddingham said: “We developed Illuminate to satisfy client needs first and foremost, for trustees that means setting a funding strategy that is truly integrated with their investment strategy, while for employers that means providing a powerful de-risking modeller.

“The Pension Regulator has urged employers and trustees to “work in a collaborative and transparent way” on scheme funding in its latest defined benefit (DB) code of practice, Illuminate has been designed to encourage a collaborative approach amongst employers and trustees, allowing them to create a wide variety of different scenarios, which can be saved and then shared for discussion, ensuring all parties have the ability to understand decisions being taken without the need for expensive meetings to be held.

“Barnett Waddingham utilise Illuminate as an integral tool when delivering our valuation advice to clients – providing us with the best possible platform to illustrate the complex relationship between funding, investment and covenant. We firmly believe that this high-level approach allows trustees to consider the wider issues, thus enabling clearer decision making.”