Defined benefit pension scheme redesign project
Advising an insurance company on the restructuring of the benefits provided to members. Before the restructure members paid 7% contributions for a 1/60th accrual and fixed pension increases. The new structure involved offering members the choice of different accrual rates with differing rates of member contributions and a pension increase exchange option. The exercise involved the resolution of a number of complex legal issues (pensions, employment and financial services).