More NewsLorica Launches Actuarial and Risk Management Division

Lorica Launches Actuarial and Risk Management Division

Lorica has set up an actuarial and risk management division to give employers advice and support on how to manage, reduce or eradicate the risks associated with operating defined benefit (DB) pension schemes and other trust based arrangements.

Sean Gilfeather, who has joined Lorica to head its newly-established actuarial team, said: “The ever increasing legislative burden surrounding pension schemes, people living longer, taxation changes for high earners and the exacerbation of these issues caused by the recent recession, have led to DB schemes becoming even more out of favour with an increasing trend in employers closing schemes to new members and accrual.”

Gilfeather added that many employers have legacy DB schemes which pose significant financial risk and constitute a substantial portion of their overall employee benefits spend, sometimes with little or no benefit for their current employees.

“Lorica recognise that DB schemes are now incompatible with modern employee benefits packages and carry substantial risks and financial implications for many employers,” said Gilfeather. “There is a greater need for employers to take action now in order to come up with a permanent solution. Employers with DB schemes are paying substantial fees to advisers and administrators, just to ensure that the DB scheme is compliant with legislation. The DB scheme is in effect just treading water. The employer won’t be getting much return for their money or from their advisers as they are advising the trustees.”

Related Articles

Preparing for GDPR? Here’s four things to consider

More News Preparing for GDPR? Here’s four things to consider

2m Elliott Wiseman
Cash flow in focus for investors

Cash Management Cash flow in focus for investors

3m Conor Deegan
Treasury TV: Karen Pugsley, Domino's Pizza Group

More News Treasury TV: Karen Pugsley, Domino's Pizza Group

3m Victoria Beckett
Treasury TV: Yeng Butler compares US and European MMF reforms

Compliance Treasury TV: Yeng Butler compares US and European MMF reforms

3m Victoria Beckett
Treasury TV: Tim de Knegt, The Port of Rotterdam

10 Minutes With The Treasury Treasury TV: Tim de Knegt, The Port of Rotterdam

3m Victoria Beckett
Banks are selling clients short with short dated cash deposit U-turns

Banking Banks are selling clients short with short dated cash deposit U-turns

3m Victoria Beckett
What does sterling’s Brexit boost mean for UK manufacturers?

More News What does sterling’s Brexit boost mean for UK manufacturers?

4m Tasja Botha
FX for corporates: 5 best practices for treasurers

Economy FX for corporates: 5 best practices for treasurers

4m Mateo Graziosi