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To help illustrate the nature of the work we undertake for our clients, we have
provided the following case studies. Click the links below to jump straight to a
particular document.
Sale & Purchase
BBS was asked to advise a company involved in tendering for a major
outsourcing contract in the financial services industry. Over a
thousand staff were involved and as part of the deal the successful
purchaser would need to assume responsibility for providing pensions
and related benefits for all of the employees concerned.
Under their current arrangements, the employees had a non-contributory
final salary pension scheme that had been running for many years and
provided extremely generous benefits. The prospective purchaser,
however, was a much younger company and offered its employees money
purchase benefits only.
As the employees concerned were financially astute and there was
strong union involvement, it was felt extremely important to offer an
attractive pensions package. However, the purchaser did not wish to
take on the burden of providing a final salary scheme. The decision
was therefore made to offer membership of an existing Stakeholder
scheme but with an enhanced employer contribution rate to provide
comparable benefits to those under the existing final salary scheme.
Timescales were tight, and in order to get past the initial tender
stage it was necessary to put together details of the proposed
offering within the space of a few days. BBS was able to work with
the information available and come up with a suitable age-related
contribution scale within this time, thereby helping to achieve a
successful outcome. BBS was also able to assist in negotiating
enhanced transfer values for those employees who wished to transfer
their accrued pension benefits across, to advise on the appropriate
level of death benefits to provide, and to assist in the employee
communication exercise that followed.
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