Staff Transfers / HMRC bulk transfer exercise
GAD provides support to public sector bodies where a compulsory transfer of employment results in a change of pension scheme for staff.
The 바카라 사이트 Actuary바카라 사이트檚 Department (GAD) provides support to public sector bodies where a compulsory transfer of employment results in a change of pension scheme for staff.
Our involvement helps to protect the value of earned pension benefits. We can also assess whether the new pension scheme is more or less valuable than the old one and advise on any compensation that may be needed.
This can also include assessments of the impact of the 2015 (or transitional protection) remedy on that work and other specialist staff related advice.
Bulk transfer exercise
HM Revenue and Customs (HMRC) engaged GAD to assist them with a 바카라 사이트楴ew Fair Deal바카라 사이트� bulk transfer exercise covering the transfer of around 50 employees from a private sector pension scheme to the Civil Service Pension arrangements as a result of a contract re-let.
The bulk transfer terms proposed by the private sector scheme resulted in a potential pensions shortfall of 拢1.1 million that HMRC would have been liable for. However, the original outsourcing contract included an underpin to the bulk transfer terms on exit. GAD provided advice to HMRC on the actuarial implications of the underpin and briefed HMRC바카라 사이트檚 lawyers to enable legal advice to be given.
Significant savings
After robust discussions with the private sector employer, HMRC바카라 사이트檚 interpretation of the contract was accepted. This meant HMRC didn바카라 사이트檛 have to meet the potential 拢1.1 million shortfall, realising a significant saving for the public purse.
At the end of the exercise, HMRC said:
바카라 사이트淓xcellent turnaround times, good practical advice, very engaging. Advice is clear and well-articulated to enable the customer to understand very difficult at times detail.
바카라 사이트淕AD바카라 사이트檚 experts are very helpful, and they give timely and valuable advice.바카라 사이트�
GAD supports public sector bodies where compulsory transfer of employment leads to staff changing pension schemes. We help protect the value of earned pension benefits.