ACT Webinar: Part 1 – Defined benefit pension schemes: How do they work and what are the key implications for treasurers?

Online

25 April 2024 | 12:30-13:15 BST

What are the key implications of defined benefit schemes for treasurers?

Defined benefit (DB) pension schemes are occupational pension schemes that provide a set level of pension at retirement.

Since the rise of interest rates and the gilt market crisis of Septemeber 2022, many defined benefit pension schemes have seen their funding levels improve significantly. This presents a new opportunity and challenge for treasurers of their corporate sponsors, both in managing pension risk and unlocking potential value for the company.

Cardano joined us for a webinar to provide an overview of DB schemes.

In this webinar, our expert speakers

provided an overview of the regulatory playing field for DB schemes
explored the role of the treasurer in managing DB scheme risk
discussed options for the scheme’s ultimate ‘end game’ and how to navigate the pension stakeholder during M&A deals.

Meet the Speakers

Frankie Borrell

Head of Risk Settlement

Cardano

Frankie leads Cardano's Risk Settlement practice, which advises trustees and corporate sponsors on preparing for and then securing buy-ins, buyouts and other risk settlement solutions. He spent the prior eleven years working at three bulk annuity providers, most recently leading the Client Solutions team within Legal & General’s Pension Risk Transfer (PRT) team. He has been involved in over 100 PRT transactions, ranging from £2 million to the recent £4.8 billion record-breaking buyout transaction between the Boots Pension Scheme and Legal & General for which Cardano was lead broker. Frankie is a Fellow of the Institute and Faculty of Actuaries and studied mathematics at the University of Southampton.

Nick Gibson

Managing Director

Cardano

Nick leads Cardano’s corporate transaction advisory business, where he advises corporate sponsors and investors in managing their DB pension scheme risk. He joined Cardano from PwC in 2019 and brings 14 years of experience as a covenant and corporate finance adviser in respect of DB pension schemes. Nick has advised on a broad range of corporate transactions over that time, from public M&A to mid-market restructuring, including a number of high-profile situations and those where the Pensions Regulator has been involved.

Andreas Vermeiren

CFA, Director

Cardano

Andreas joined Cardano in 2023 from Phoenix Group where he was a member of the Asset Management team.

At Phoenix Asset Management, Andreas was responsible for the end-to-end investment process, supporting the Group’s Bulk Purchase Annuity (BPA) business. He has been involved in the transfer of c.£10bn of pension liabilities, across buy-ins and buy-outs.

At Cardano, Andreas is a member of the Advisory Group, leading on Investment Strategy and Corporate engagement.