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

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

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

"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