Lorica has set up an actuarial and risk management division to give employers advice and support on how to manage, reduce or eradicate the risks associated with operating defined benefit (DB) pension schemes and other trust-based arrangements.
Sean Gilfeather, who will head up the new division, said many employers have legacy DB schemes which pose significant financial risk and constitute a substantial portion of their overall employee benefits spend, sometimes with little or no benefit for their current employees.
"Lorica recognises DB schemes are now incompatible with modern employee benefits packages and carry substantial risks and financial implications for many employers," he said. "There is a greater need for employers to take action now in order to come up with a permanent solution."
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