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Now most UK Pension funds are running behind where they would like to be at the moment. Gilt yields have generally crashed and equity returns have been really rocky.
Now of course, all of this might unwind and resolve itself, the Eurozone crisis can’t go on forever, QE won’t go on forever, and we might get back to something approaching normality, but in the meantime right now, doing nothing simply is not an option, so all we really need is probably some kind of pacemaker that can regulate us, and increase our chances of getting to the finishing line, but at the same time we also need an ambulance following behind to pick us up and get us there, if it all goes wrong.
Well in the pensions world, that’s what CAR does. CAR is a clever way of using assets to back a pension fund. Let me give you an example of how that works.
I had a client with a £100m deficit in their pension fund. Now rather than pay £10m a year to clear the deficit, instead the company are net cash positive after using CAR to back the pension scheme. The Trustees are as pleased with this outcome as the company is. Now I bet you are sitting there thinking “that must have used property right?” Well actually, no, in this example, it wasn’t property. We have seen a wide variety of assets used to do this, from trade receivables, brands, licences contracts, all sorts of things and in fact we have never yet seen a company that doesn’t have something that can be used to back its pension fund in this way.
If you would like to know more about this innovative solution, then please get in touch.
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KPMG International Cooperative ("KPMG International") is a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm.