Mutual shipping insurance company

[vc_section css=”.vc_custom_1593509130158{padding-top: -20px !important;background-color: #ffffff !important;background-position: center !important;background-repeat: no-repeat !important;background-size: cover !important;}” el_class=”mask”][vc_row css=”.vc_custom_1593517557896{padding-top: 20px !important;padding-right: 100px !important;padding-left: 100px !important;}”][vc_column width=”1/6″][/vc_column][vc_column width=”2/3″][vc_empty_space height=”50px”][vc_custom_heading text=”Mutual shipping insurance company” font_container=”tag:h1|font_size:40|text_align:center|color:%23232323|line_height:0.9″ use_theme_fonts=”yes” css_animation=”none” el_class=”custom-hd delay-2″][vc_empty_space height=”20px”][vc_separator color=”blue” border_width=”5″ el_width=”10″][vc_empty_space height=”25px”][/vc_column][vc_column width=”1/6″][/vc_column][/vc_row][/vc_section][vc_section css=”.vc_custom_1593710067702{background: #7f8c8d url(https://www.broadstone.co.uk/wp-content/uploads/2020/07/chuttersnap-9cCeS9Sg6nU-unsplash-scaled.jpg?id=5696) !important;background-position: center !important;background-repeat: no-repeat !important;background-size: cover !important;}” el_class=”mask”][vc_row][vc_column][vc_empty_space height=”300px”][/vc_column][/vc_row][/vc_section][vc_section css_animation=”none” css=”.vc_custom_1593517774663{padding-top: 50px !important;padding-bottom: 60px !important;}” el_id=”overview”][vc_row gap=”35″ content_placement=”middle”][vc_column css_animation=”none” width=”1/6″ el_class=”delay-1″][/vc_column][vc_column width=”2/3″][vc_custom_heading text=”The challenge” font_container=”tag:h2|font_size:30|text_align:left” use_theme_fonts=”yes”][vc_empty_space height=”20px”][vc_column_text]Scheme Actuarial and Investment Consultancy services are provided by other firms and Broadstone provides corporate advice. The investment strategy had already been reviewed and the Company wanted to look at the opportunities to control the costs but not disrupt its good employee relations. The Scheme has been closed for several years and has a maturing membership profile.[/vc_column_text][vc_empty_space height=”50px”][vc_custom_heading text=”The solution” font_container=”tag:h2|font_size:30|text_align:left” use_theme_fonts=”yes”][vc_empty_space height=”20px”][vc_column_text]We carried out a high level review to identify which changes to the Scheme would make significant savings. This included looking at full closure of the Scheme, reducing future benefits, controlling the increases in accrued benefits, member contributions, enhanced transfer value and pension increase exchange exercises.
In addition, in order to reduce funding volatility it was decided to buy annuities to secure benefits for some of the current pensioner members. This was done on a selective basis to maximise value within the budget set.[/vc_column_text][vc_empty_space height=”50px”][vc_custom_heading text=”The outcome” font_container=”tag:h2|font_size:30|text_align:left” use_theme_fonts=”yes”][vc_empty_space height=”20px”][vc_column_text]The Company decided to restrict the increases to pensionable salaries as this had the benefit of reducing the deficit immediately and providing greater control in the future. The Trustees and their advisers agreed to the Company’s proposals and the potential savings identified were nearly £6m. In addition, good employee relations were maintained.

Our specialist insurance broking team ensured that the pensioners had annuities successfully set up at a cost much lower than the Scheme Actuary had expected.[/vc_column_text][/vc_column][vc_column width=”1/6″][/vc_column][/vc_row][/vc_section][vc_section css=”.vc_custom_1595435993254{padding-top: 50px !important;padding-bottom: 15px !important;background-color: #181223 !important;}”][vc_row gap=”35″ equal_height=”yes” css=”.vc_custom_1595435049489{margin-right: 0px !important;margin-left: 0px !important;}”][vc_column width=”1/2″][vc_empty_space height=”35px”][vc_custom_heading text=”Get in touch” font_container=”tag:h2|text_align:left|color:%23ffffff” use_theme_fonts=”yes”][vc_empty_space height=”10px”][vc_column_text]Broadstone is a team of experts who are passionate about the ever-changing world of pensions and benefits. As such, they have hundreds and thousands of ideas, views and events to share with you to meet your business needs. Our business believes and promotes a people first culture, both internally and to you, our clients.

We believe in our core values and the culture they deliver. We know that when we all work as a team and combine our vast reservoir of expertise and knowledge, we will deliver results to our clients, maintaining the personal touch that can be so often missing in today’s business world.

100 Wood Street, London, England, EC2V 7AN
P: 020 3869 6900  | Ecorporate@broadstone.co.uk[/vc_column_text][vc_empty_space height=”40px”][/vc_column][vc_column width=”1/2″ css=”.vc_custom_1595436093105{padding-top: 20px !important;padding-right: 60px !important;padding-bottom: 20px !important;padding-left: 60px !important;background-color: #eef1f4 !important;background-position: center !important;background-repeat: no-repeat !important;background-size: contain !important;border-radius: 3px !important;}” el_class=”bg-bottom”][vc_row_inner][vc_column_inner css=”.vc_custom_1595435394186{padding-right: 10px !important;padding-left: 10px !important;}”][vc_column_text][hubspot type=form portal=6562331 id=9355e29f-b4c9-4fad-8b58-b2614e3cd5c5][/vc_column_text][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][/vc_section]