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What is our run-on solution?

BW SAVE is our brand-new solution for Defined Benefit (DB) pension schemes, most suitable for schemes from £100m upwards and particularly attractive for those over £300m.

DB pension schemes have long been viewed as a burden for businesses, with persistent funding deficits. Many sponsors, tired of constant financial demands, are now considering insurance market buyouts.

 


Our solution for DB pension schemes

While the funding regime has pushed schemes towards buyout and wind-up, an alternative exists. BW SAVE offers a novel approach for medium to large DB schemes, allowing you to run on your scheme with confidence for the mutual benefit of both scheme sponsors and members.

View Proposition Document

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Key benefits

  • Avoid value-transfer from a high insurance price
  • Access surpluses efficiently - both those present now and those that emerge in future
  • Retain a degree of influence over how the scheme is run
  • Maintain flexibility to benefit from future member option exercises
  • Do the right thing by your current and former employees
  • Avoid immediate negative accounting impact from insurance buy-out
  • Enhance your corporate valuation over time
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  • Potential to share in surplus through regular benefit improvements
  • Maintain a high level of benefit security, comparable to insurance buy-out
  • No loss of flexibility in at-retirement options, for schemes with defined contribution (DC) sections and money-purchase Additional Voluntary Contributions (AVC)
  • No requirement to change administrator, a process which can present risks and a deterioration in member experience
  • Terms of many member options like cash commutation and Cash Equivalent Transfer Values (CETV) may continue to be better than an insurer might provide


Is this right for my scheme?

Is your scheme over £100m? If so, this approach could be a substantially better option for you than immediate buyout.  

The next step is likely to be a feasibility study – this examines the business case in more detail, considering your and your scheme's specific circumstances.

DISCOVER MORE

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"For many schemes, the value opportunity is huge. For a £200m scheme that is currently full-funded on buy-out, the value of the surplus that can potentially be extracted over time is likely to be more than £20m after costs. For a £1bn scheme, it could be over £100m."
Ian Mills Partner and Head of DB Endgame Strategy

WEBINAR: ON-DEMAND

Improving pensions and returning surplus: the best of both worlds?

In our latest webinar, our experts explored how to reshape your scheme for the better, including:

  • Why traditional de-risking may limit potential
  • Improving financial outcomes for members & sponsors
  • Balancing surplus utilisation with benefit security
  • Aspects of running a scheme past full buy-out funding

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Get in touch

 

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Ian Mills

Partner, Head of DB Endgame Strategy

CONTACT IAN
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Ali Tayyebi

Partner, Senior Scheme Actuary

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Ben Clacker

Partner, Pensions Administration

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Simon Taylor

Partner, Head of Employer DB Consulting

CONTACT SIMON