Atkin trustees, actuaries, consultants & administrators

Admitted Bodies

Taking on ex-public sector employees usually means taking on their existing pension and redundancy rights. Consequently, employers can end up saddled with unanticipated and significant costs.

These employers are coming under increasing pressure as;

  • tighter fiscal policy means local authorities are under pressure to reduce costs
  • Local Government Pension schemes are taking a harder line on recovery plans as they come under greater scrutiny and respond to the greater risk that participating bodies will fall into insolvency
  • Public Sector pensions are going through an unprecedented period of change and reform
  • the public, unions and press are taking ever greater interest in pensions, particularly those in the public sector with much of the coverage being negative
  • guarantees and other forms of security from the local councils covering their part of any pension deficit are being reviewed and withdrawn

In such a situation it is important that the participating bodies do not rely solely upon the advice provided by the Local Government Pension Scheme and its advisors which will, of course, reflect their own needs and priorities.

Ongoing costs and the Exit Strategy

We specialise in taking a proactive and cooperative approach to solving problems always with an eye on the cost versus the eventual benefits. By looking at issues with a fresh perspective we are able to come up with innovative and effective solutions. We can help to:

  • Negotiate contribution rates or exit charges, including advising on the use of contingent assets to offer additional protection to the scheme in the event of a wind up and therefore allow lower contributions to be agreed.
  • Understand and manage the unprecedented amount of change and reform to public sector pensions ensuring that you understand the implications and that your rights are protected.
  • Review scheme documentation to ensure that any guarantees or additional securities are properly accounted for.
  • Investigate whether other interpretations of the benefit structure are possible that are better for both the employer and the members
  • Advise on the exit strategy and monitoring so withdrawal can take place at the most auspicious time

Due Diligence

Before tendering for outsourcing work, or making an acquisition involving ex-public sector employees, it is important to understand the potential risks to your business arising from pension and redundancy rights

We can help to:

  • model future pension costs and risks associated with transferring pension and redundancy liabilities
  • advise on the impact that pension costs should have on overall contract price
  • advise on the Government’s ‘Fair Deal’ requirements and certification from Government Actuary’s Department (GAD)
  • negotiating best bulk transfer terms to reduce deficit and obtain protection against unforeseen future pensions costs
  • manage ongoing pension risks and eventual exit strategy

We should like to record our complete satisfaction when working with Atkin & Co. We have always relied on your sound advice and found working together has been a partnership which we have greatly enjoyed. Your staff are friendly, efficient and do an excellent job. Contact with you is dealt with promptly and courteously with the minimum of fuss, work is always expertly and professionally completed and we are very pleased with the result.

Reg, Independent Trustee client