Employee Benefits

Employee Benefits Advice

Lux has many years’ experience in advising Trustees and Employers on public sector and private sector occupational pension schemes.

Our actuaries and senior consultants provide advice on schemes:

• that are either defined benefit or defined contribution in design
• that are either funded or unfunded (pay-as-you-go)
• of all sizes – ranging from assets of US$100,000 to US$225 billion

Lux offers advice on pension and savings schemes in the following areas:

• Scheme governance, compliance and risk management
• Scheme reviews and data audits
• Investment strategy
• Cash-flow modelling and projections
• Group Risk benefits
• Member communications

For defined benefit schemes, specifically, including End of Service Gratuity arrangements, we offer advice in the following areas:

• Actuarial valuation models and assumptions
• Cash-flow planning where scheme not funded
• Scheme funding, including regular funding updates
• Liability Driven Investment strategy
• Advice on migration to DC and project management of the exercise

Pensions Management

Lux offers pensions management services comprising of:

• Performance, compliance and governance reporting
• Secretariat functions
• Benefit calculation checks
• Helpline facility at member level
• Professional adviser reviews
• Trustee appraisals
• Ad-hoc Trustee/HR training

Corporate advice

Lux provides corporate advice to Scheme Sponsors on:

• Pension scheme accounting, treasury and payroll
• Scheme design and restructure
• De-risking
• Change strategies
• End of Service gratuity ring-fencing and funding solutions
• Independent review of advice prepared by the actuary appointed by the Trustees
• Pensions’ issues on Mergers and Acquisitions

IAS 19 Valuations

Lux performs actuarial valuations of employee benefits, in accordance with International Financial Reporting Standards, including IAS 19 and US GAAP, for many clients.

Our results are presented in an extensive Actuarial Report and are prepared to meet international accounting and actuarial standards for employee benefits. They are also presented in the same format as Financial Statements, making it easy for accountants and auditors to review and adopt.

Lux provides a comprehensive IAS 19 service to a number of prominent clients in the MENA region – for
further details please see our IAS 19 Employee Benefits Valuation page.