Pension valuations.
Pension valuations is the firm’s grouping for its two sponsor-side pension-liability-valuation Solutions: BPA Fair-Value Pricing — a productised consistency check of a bulk-annuity quote against the risk-neutral fair value of the scheme’s promise to members — and Sponsor Covenant Analysis — covenant strength expressed as an explicit economic-capital line of sight. Both are productised Solutions; BPA is live, SCA is forward-stack.
Which one applies depends on the decision in front of the sponsor.
BPA Fair-Value Pricing
Where a buy-in or buy-out is in contemplation. An independent check of whether a bulk-annuity quote is consistent with the risk-neutral fair value of the scheme’s promise to members, within a stated tolerance — a consistency assessment, not a price forecast and not a range.
Sponsor Covenant Analysis
Where the question is whether the sponsor can support the scheme’s retained downside under the TPR Funding Code. Covenant strength expressed as an explicit economic-capital line of sight — the scheme’s retained downside set against the sponsor’s capacity to bear it over the covenant-reliability horizon. Methodology established, productionised engagement in development.
What the firm does on pension valuations, stated plainly.
The firm does sponsor-side pension liability valuation, performed by senior actuaries under TAS 100 (General Actuarial Standards) compliance, certified institutionally by the firm — the professional standards are those of the Technical Actuarial Standards (FRC) and the Institute and Faculty of Actuaries (APS), assured through the Congruent Quality Framework, with Congruent Actuarial Limited authorised and regulated by the FCA (FRN 831289). The work is delivered through the two productised Solutions in this grouping — BPA Fair-Value Pricing and Sponsor Covenant Analysis — not as a standalone calculation.
The firm does not act as Scheme Actuary to any trustee board and does not provide trustee-side statutory funding valuations, Section 179 certificates, transfer-value bases, or benefit-modification calculations. Trustees commission that work from their Scheme Actuary. The firm’s structural independence from the trustee-side advisory chain is foundational to its commercial position, not a declarative arrangement.
For litigation matters where pension-actuarial methodology is itself in dispute, see Expert witness. For pension-liability analysis within M&A and corporate-transaction contexts, see Transactions & corporate advisory. For the firm’s bespoke advisory engagement on the DB retain-versus-transfer decision, see Sponsor Fair-Value Analysis (Advisory).
Discuss a sponsor-side matter.
If the matter is a buy-in / buy-out benchmark or a covenant-and-funding position, the firm responds within one working day with whether it can take the engagement and what it would need to scope it. If the matter is trustee-side Scheme Actuary work, the firm is not the right fit and will say so directly.