Current and evolving Defined Benefit (DB) pension regulation and funding requirements represent significant financial and reputational risk for companies.  As a result, sponsoring employers are beginning to rethink their whole approach to pension provision, placing it in a wider overall reward context.

Whilst employers have traditionally relied on opinions and viewpoints accessed through the scheme actuary, the potential conflict of interest created by this approach is now causing many companies to seek advice from independent third parties.

At NRFM we provide strategic review and restructuring advisory services to employers who are currently sponsoring Defined Benefit (DB) pension schemes, and it is in this area that we win most of our engagements.

Our specific services include

• Full cost/benefit analysis of DB re-structuring options for sponsoring employers including analysis of shareholder value
• Value/Risk analysis in respect of Enhanced Transfer Value and other offers to members
• Conflict of interest analysis and recommendations
• Advice around procurement or traditional and sovereign annuities
• Defined Contribution (DC) replacement scheme modelling

All of our in house team members are trained and experienced in carrying out project work of this nature and is evident through the high quality of project deliverables produced, prompt turnaround times and attention to detail in all work carried out.

Our DB consulting partner is Ian Mitchell of Eighty20 Focus and formerly Managing Director of Deloitte Pensions and Investments Limited.  Ian has many years experience of providing DB consulting services to both multinational and indigenous Irish employers.

All project actuarial work is carried out by one or other of our two partner firms: Irish Life Corporate Business Benefits Solutions and Lane Clarke Peacock.

Additionally, in conjunction with our actuarial partners we can carry out scheme wind up work.  We would urge any trustees who are considering embarking on such a project to contact NRFM to tender as significant savings can be made on behalf of members by so doing.