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 new IFB Research Foundation The State of the Nation: The UK Family Business Sector 2019–20 report published today showcases the unwavering relevance and contribution of family firms. In the UK there are 5.1 million family businesses, making up 87.6 per cent of all businesses. They employ 14.2 million people, half of all employees in…
The Institute for Family Business (‘IFB’) has just published their response to The Pensions Regulator Defined Benefit Funding Code of Practice Consultation and as Jon Sharp, Director at Western Pension Solutions (‘WPS’) explains, “We are pleased to have been able to support the Institute for Family Business in their response to the important consultation on…
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…
Western Pension Solutions (‘WPS’) are delighted to be sponsoring the Family Business Of The Year Awards 2020 and looking forward to the awards evening on June 25. Family businesses are the backbone of the UK economy and deserve recognition for the significant contribution they make in terms of employment, jobs and wealth creation, not to…
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…
The Smiths of Derby – A Journey Through Time, is the latest family business book that has been inducted into The Heritage Library in London. John Smith & Sons, Midland Clockworks, Derby is a legend that may be seen on any number of clocks, up and down the country, both turret clocks and domestic ones. …
