Sponsor Profile

Company Profile

Pensions Review Associates (PRA) specialises in the restructuring of occupational pension scheme arrangements and has a complimentary team with almost 100 years of in-house Pensions, HR and Project management expertise. It has a 100% record of success and specialises in helping private and public sector (Including 'not-for-profit') organisations to reduce the current costs and future liabilities of their occupational pension arrangements. It offers independent advice and delivers (on-time and to budget) practical, cost-effective solutions.
The PRA approach involves:
- A comprehensive review of current arrangements, exploring the options for change and the associated risks and benefits,
- Development of an appropriate Project Plan covering all aspects of the proposed changes including:

• Actuarial considerations,
• HR/Payroll implications,
• External & internal communications,
• Legal (Employment & Pensions) issues, and:
• P&L and balance sheet considerations,

- Putting in place a full Project Team, with all the necessary resources and professional advisors,
- Providing full project management, and;
- Implementation.
PRA understands that many organisations have their own professional advisors. It will work with them to deliver the desired outcome on budget and on time. Where an organisation does not have appropriate advisors, PRA can satisfy that need; it has access to independent actuaries, corporate communications experts, and some of the best Employment and Pensions Lawyers in the business of Scheme Re-structuring.
What has PRA done?
It has successfully implemented:
- Closure of 5 Defined Benefit (DB) schemes to future accrual,
- Severing the link to final pensionable salary for 6 DB schemes, and;
- Transfer of members of a public sector (GAD approved) scheme to an alternative arrangement.
The changes affected several thousand members and they were accomplished with no industrial action, no terminations and no adverse media coverage.
Given the problems so many organisations seem to be experiencing with proposed changes to pension arrangements, how does PRA explain its success?

- Full Board approval for the proposed changes,
- Close liaison with Scheme Trustees,
- Data 'cleansing' to ensure that all relevant data are accurate,
- Close liaison with HR, Payroll and Pension administrators to ensure that all systems are properly maintained,
- Honest and open communication with members,
- Honest and open consultation with member representatives, and;
- The exclusion of 'conflicted' individuals, other than member representatives, from the consultation and implementation processes.
Where does PRA operate?
PRA has offices in London, Warwickshire, and Yorkshire. It operates throughout the United Kingdom.

Why use PRA?
Because it delivers successful, cost-effective solutions. It does not just advise and it does not make promises that it cannot keep!
At PRA, we understand that pension scheme re-structuring is a sensitive issue and, for that reason, we do not disclose the identities of current and past clients.