Family businesses are the backbone of the UK economy with many having been around for generations whilst others are on the start of their journey. Collectively they contribute significantly to the national economy and impact lives on a daily basis. With many taking a long term view, good leadership is essential and over the course…
The Sydney Packett & Sons defined benefit (DB) pension scheme has completed a £5m buyout with Aviva, securing the benefits of all eight members of the scheme. Ahead of the transaction, the scheme received strategic advice from Western Pension Solutions, which also supported the scheme in conducting a member option exercise in order to make…
The Pensions Regulator (TPR) has issued new guidance to help protect savers and give employers and trustees more choice ahead of Government legislation. The guidance unveils the high bar it expects new superfunds to meet to ensure savers in defined benefit (DB) schemes are protected ahead of Government legislation. The new guidance, which comes into…
There are 250 large family businesses in the UK with final salary schemes. Between them they employ 750,000 people (and support countless other jobs in their supply chains). Many of them operate in critical sectors of the economy including food production, distribution and care. Many of them have been decimated by COVID-19. As things stand,…
Help is at hand for your family business if you have a final salary pension scheme as Western Pension Solutions (‘WPS’) launch a free helpline for family firms to respond to issues associated with the prevailing COVID19 pandemic. As Ben Fowler, Managing Director of WPS explains, “This is an unprecedented and difficult time for family…
Western Pension Solutions (WPS), the specialist pensions consultancy that provides strategic and practical advice to family businesses, has announced the appointment of Ben Vickers as a Consulting Actuary. Ben is a qualified actuary with eight years of experience. He joins WPS, having previously worked at EY and more recently PwC. During this time, Ben helped…
The nation is raising a glass to the South West Brewery that took home three titles from the 2019 Family Business of the Year Awards, including the overall Family Business of the Year. South West family business, St Austell Brewery has been crowned Supreme Champion at the National Family Business of the Year Awards (‘FBOTY’)…
Family businesses with defined benefit pension schemes should be aware that the Pensions Regulator has issued their 2019 Annual Funding Statement. The statement sets out what the Regulator expects from trustees and employers of schemes with valuation dates between September 2018 and September 2019. Regardless of whether your family business pension scheme’s valuation is due…
An innovative bulk annuity for family business NG Bailey as they work to ensure the long term security of the company pension scheme. NG Bailey are a fourth-generation, family-owned construction and facilities management business based in Yorkshire. Like many businesses, it’s got a significant final salary pension scheme, with over 3,000 members and £300 million…
Western Pension Solutions (‘WPS’), the specialist pensions consultancy that provides strategic and practical advice to family businesses, has added their insight to support the Institute for Family Business (‘IFB’) as part of the collaborative response to the government consultation on the consolidation of defined benefit pension schemes. WPS is delighted to have been able to…
