BAE Systems launches online tool to manage DB pensions

BAE Systems has launched an online pensions tool to manage and monitor its obligations across all seven of its UK defined benefit pension schemes.

The tool, Skyval, from PricewaterhouseCoopers (PWC), provides organisations and trustees with real-time access to information and analysis on their pension schemes’ liabilities, assets, risk and valuations.

BAE Systems will use Skyval to bring the information on its seven pension schemes onto one common platform. 

It will have direct access to funding updates, pension scheme asset and liability modelling, sensitivity analysis and benchmarking, all in one place.

Skyval will also deliver a process for the organisation’s pensions accounting disclosures.

The organisation will go live with Skyval with some of its schemes in time for its 2013 year-end processes.

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Nigel Tinsley, pensions director at BAE Systems, said: “Having carried out a thorough review of our requirements, we decided Skyval was the most cost-effective, user-friendly and relevant option for our needs.

“We have signed up for the next two actuarial valuation cycles for our schemes, and will be running figures including funding and accounting disclosures from the Skyval platform.”