A pensions strategy that delivers on corporate strategy
Over the past decade, costs of defined benefit (DB) retirement plans have mushroomed. The COVID-19 pandemic has likely exacerbated this. Stock market and bond yields have fallen, meaning many DB pension deficits will have grown. Even those well-protected DB schemes now face new risks, whether operational, regulatory, or environmental.
For defined contribution (DC) plans, individuals may be feeling especially anxious about what is going on in financial markets and how that affects their lifetime savings. Leading organisations are taking proactive action on their communications and engagement strategy to inform people’s decision-making and support them. Many are using new technology to personalise the output for each individual.
In spite of the efforts of sponsoring employers and pension plan managers, deficits have remained stubbornly on balance sheets. Employer-provided pensions and retirement benefits are an essential part of their rewards package. It is important for employers to be aware of, and to manage, the associated costs and risks.They also have a critical role in helping their employees to make sound decisions.
PwC has over 4,000 retirement, pension, asset and employee benefit specialists, across more than 50 countries around the world. We help our clients address and manage their retirement and pension issues, being able to provide completely independent advice and execution.
"Given the disruptive conditions all pension stakeholders now face, it helps to have a wide-ranging understanding of business to develop great solutions to today’s pension challenges."
- Companies are focused on retirement benefits
- High, unaffordable legacy liabilities are top of mind
- Companies want to help employees save
- Pension advice should be holistic
- Governance can often be improved
Are you in control of your organisation's pensions costs? Or are you struggling with the governance and risk associated with the retirement benefits you’re providing to your people? Is your retirement plan design aligned with your wider people strategy?
Five key themes emerged from PwC’s global retirement consulting practice speaking with leaders and decision-makers at global companies with pension commitments, spanning more than 80 countries.
How we can help
It helps to have a wide-ranging capability and understanding of business, to solve today’s retirement and pension challenges. In addition to PwC's retirement, pensions and actuarial experience, we bring together deep specialists in a range of areas including: tax, legal, accounting, structuring and credit analysis.
PwC has over 4,000 retirement, pension and employee benefit specialists in 54 countries around the world, helping our clients to address and manage their retirement and pension strategy:
- Retirement and pensions strategy
- Investment consulting and asset management strategy
- Plan design and transformation
- End-game planning and implementation
- Deals, including M&A and insurance transactions
- Financial reporting
Retirement and pensions strategy
PwC works collaboratively with you to understand key drivers and objectives for your retirement and pensions benefits. We combine this understanding with our industry, pensions and regulatory experience to help create a retirement and pensions strategy which aligns with your overall business strategy.
Investment consulting and asset management strategy
We have extensive experience working with Boards, CEOs, executives and subject matter experts as well as key service providers to solve complex problems across the investment value chain, and develop more efficient asset strategies. We can do this fully independently.
Our investment management, retirement and actuarial services work with a broad and diverse range of clients and industry participants to provide you with valuable insights as to how you compare with your domestic and international peers and competitors.
Plan design and transformation
Pwc’s technology-driven approach enables us to design new pension plans for our clients to meet their objectives and align with their existing HR and Finance policies.
Our unique pension technology solutions enable us to generate interactive impact analysis so we can work with clients to deliver sustainable solutions in the challenging and complex pension landscape.
End-game planning and implementation
We have a successful track record of helping clients accelerate their progress and reach their end-game, with several successful case studies completed during recent volatile markets.
Deals, including M&A and insurance transactions
PwC has extensive experience in supporting you across the entire transaction cycle, including M&A due diligence, pension scheme valuation, post-acquisition integration and implementation. We use proprietary technology to ensure value-for-money insurance transactions, helping clients secure pension liabilities and reduce their own balance sheet risk, underpinned by fully independent advice. We understand how pensions fit in the wider commercial and competitive context and therefore formulate our advice in this context. We provide you with support and advice to enable you to take the right decisions and run quick, smooth processes that are fit for each specific deal.
Financial reporting
Our pension actuaries are well-placed to review pension plan assumptions and methodologies, and review treatment of special events. We provide valuable and insightful information for management reporting purposes.
Embedding technology at work
PwC's approach centres on using technology to reduce compliance burdens for clients, enabling them to focus their time and energy on addressing the strategic issues facing their businesses. We have a suite of new technologies across our global practice, to help drive efficiencies and allow clients to understand data and information in a more natural and visually accessible way.
PwC can deploy state-of-the-art collaboration technology allowing all your pension stakeholders to work together better, alongside us as a joint team if required. This includes virtual meeting techniques, document collaboration and technologies to enhance creativity especially during remote working, such as virtual reality.
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Raj Mody
Global Leader for Retirement & Pensions, PwC United Kingdom
Tel: +44 (0) 79 7496 9320
