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Investigate a potential DB liability prior to a merger

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Case Study

Date

February 10, 2020

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Investigate a potential DB liability prior to a merger

Table of contents

  • Challange
A large UK financial services firm was in the midst of a £500 million merger when the acquiring company requested a review of defined benefit (DB) cases to ensure there were no potential liabilities in the back book. Huntswood was engaged to provide emergency support to prevent the merger from collapsing.

The Challenge:

The client needed to complete a review of DB cases within extremely tight timescales after a current supplier failed to provide the required scale and expertise. The review had to be accurate, efficient, and delivered by highly skilled pension specialists.

The Solution:

Huntswood sourced 10 experts with deep technical knowledge of pension transfers within 48 hours of instruction. We designed the review methodology, secured the right calibre of expertise, and provided oversight to a ringfenced operation within the same timeframe.

Our team significantly outperformed the existing supplier, who was stood down after two days. Huntswood completed an average of 3.6 cases per day, compared to the industry average of 2, and delivered 180 DB file assessments in five days.

The required level of cases was completed on time, and the client independently assessed our quality at 90%, providing both firms with an accurate view of liability and exposure.

The Results:

  • £500 million merger supported and approved within required timescales
  • 10 pension experts deployed within 48 hours
  • 180 DB file assessments completed in five days
  • 90% quality score achieved
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