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Tyron Potts

Barnett Waddingham LLP

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.

Practice Area

Panel

  • Contributing Author

Qualification

  • Fellow of the Institute & Faculty of Advocates

Education

  • University of Warwick: BSc (Hons) (Mathematics, Operations Research, Statistics & Economics)

2 Contributions by Tyron Potts

Closed DB occupational pension schemes: running, funding and investment strategy, covenant and risk management, auto-enrolment, governance and GMP equalisation under the 2024 DB funding reforms
PRACTICE NOTES
Closed DB occupational pension schemes: running, funding and investment strategy, covenant and risk management, auto-enrolment, governance and GMP equalisation under the 2024 DB funding reforms
This Practice Note Provides practical guidance for trustees, as well as sponsoring employers, on operating a defined benefit (DB) pension scheme that has been closed to future accrual, ie with no ‘active’ members accruing pensionable service in the scheme. It does not address the act of closing itself, nor the factors considered in reaching a decision to run a closed scheme rather than proceed to wind-up. It likewise excludes the steps involved in winding up a scheme or managing a scheme in preparation for entry to the Pension Protection Fund (PPF). For details on these topics, refer to the following Practice Notes: Closing a pension scheme to future accrual—trustee considerations Closing a pension scheme to future accrual—employer considerations Trustee decisions and the Pension Protection Fund Winding up a defined benefit (DB) occupational pension scheme Often, the initial move when closing is (though not always) to shut to new members while allowing existing members to continue accruing benefits. Although not expressly covered by this Practice Note, many of the themes outlined below would, to a lesser extent, still be relevant in this ‘intermediate’ position before the decision is reached regarding closure, continued accrual for incumbents, or eventual winding up of the...
Pensions
Valuing DB pension liabilities: scheme-specific funding (technical provisions) and low dependency, buy-out, PPF s143/s179, CETVs, IAS 19/UK GAAP and related funding concepts
PRACTICE NOTES
Valuing DB pension liabilities: scheme-specific funding (technical provisions) and low dependency, buy-out, PPF s143/s179, CETVs, IAS 19/UK GAAP and related funding concepts
THIS PRACTICE NOTE APPLIES IN RELATION TO DEFINED BENEFIT LIABILITIES How defined benefit (DB) liabilities ought to be assessed depends on a number of factors, in particular: the valuation approach to be adopted. Common exercises undertaken comprise the following: scheme-specific funding valuations as required under Part 3 of the Pensions Act 2004 (PeA 2004) solvency (or buy-out) valuations as required by the Occupational Pension Scheme (Scheme Funding) Regulations 2005, SI 2005/337, reg 7 valuations required by the PeA 2004, ss 143 and 179 (often described respectively as s 143 valuations and s 179 valuations) neutral estimates to meet the requirements of Technical Actuarial Standard 300 (Pensions) cash equivalent transfer values (CETV) as specified under the Occupational Pension Schemes (Transfer Values) Regulations 1996, SI 1996/1847 IAS19 and UK GAAP valuations whether the liabilities under review concern past service or future service, as distinct categories This Practice Note sets out these valuation approaches together with the associated funding concepts, and explains the above methods...
Pensions
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