Tyron Potts graduated from the University of Warwick with a first-class honours degree in mathematics, operations research, statistics and economics, and qualified as a Fellow of the Institute & Faculty of Actuaries in 2007. He joined Barnett Waddingham in February 2008, following the firm's acquisition of Garvins.
In his role as chair of the firm's Pensions Research Group, Tyron is responsible for producing many of Barnett Waddingham's information bulletins and our monthly and quarterly Current Pensions Issues publications. Tyron and his team ensure that Barnett Waddingham's consultants and clients are kept informed about changes to pensions legislation and guidance, and that our views are represented in industry-wide consultations. Tyron is also a member of the Association of Consulting Actuaries' (ACA) Pension Schemes Committee.
Tyron regularly speaks on technical issues at seminars, and he chairs training sessions for pension scheme trustees in our Bromsgrove office. He has also written material for the Institute & Faculty of Actuaries' fellowship exams.
Tyron is client manager for a number of Barnett Waddingham clients ' principally trustees and sponsoring employers of defined benefit pension schemes. He has experience of advising clients in relation to pension scheme funding and winding-up, as well as corporate transactions and accounting.
This Practice Note covers the key methods of valuing defined benefit liabilities, including the scheme-specific funding basis, the solvency basis, the s 143 basis, the s 179 basis, the neutral (or best estimate) basis, the IAS19 basis and UK GAAP. This Practice Note also explains the difference between valuing past service benefits and future service benefits, as well as related funding concepts, eg share of fund, actuarial factors and funding risks.
This Practice Note looks at some of the practical considerations for both trustees and sponsoring employers of defined benefit pension schemes which are closed to future accrual of benefits. It covers the key actions to be taken by trustees following a decision to operate as a closed scheme, the need to regularly review and consider matters relevant to running a closed scheme like monitoring the employer covenant and risks, ongoing liability and investment strategy, governance of a closed scheme, and issues relating to schemes that were contracted out.
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