A study conducted by Stanford University in California has suggested that by 2050 the population could have to work to the grand age of 85! Based upon their calculations currently we have 1.5 pensioners for every five employees, but by 2050 that figure will rise to four pensioners for every five workers. Read more »
Posted in: Blog, Media, Media Releases
Tags: Defined Contribution, Mortality
The Government appears to have come in for a lot of criticism for “guaranteeing” the pensions of the bankers at Northern Rock and Bradford & Bingley, (The Indepedent – “Pension guarantees for bankers savaged”) but I can’t see that it had a lot of choice.
In case anyone missed the banking crisis, these particular banks were nationalised last year. That makes the Government, in effect, their sponsoring employer. Thanks to changes in the legislation, it has, quite rightly, become virtually impossible for a solvent employer to default on its final salary pension liabilities. So Read more »
Posted in: Blog
Tags: Public Sector
In these tough economic times Spence & Partners and their group companies have announced another year of sustainable growth. Turnover for the group companies topped £4m and profit before taxation was up 45% from £440,000 to £639,000 for the year ending 31 March 2009.
The company continued to expand in staff terms and increased headcount by 28.5% from 35 to 45.
Liz Fergusson, a director of the company commented “these are a fantastic set of results given the current economic conditions, and demonstrate the commitment by all our people to provide an excellent service for our clients. We have ambitious plans for the business, and have committed to significant investments in IT infrastructure, data security and document management all of which we believe will keep us at the forefront in our market.”
For further information please contact David Davison at Spence & Partners (www.spenceandpartners.co.uk) on 0141 331 1004.
Issued on behalf of Spence & Partners by Blueprint Media tel 0141 353 1515
Date: August ‘09
Posted in: Media, Media Releases
Tags: Corporate
The Pensions Regulator has released figures suggesting that non-professional pension trustees are increasingly uncomfortable with their responsibilities and are losing confidence in their ability to fulfil their role effectively.
The figures showed that just 56% of trustees were able to describe their understanding of their role as “very good”, a drop of 12% from the previous year. There was also a 5% decline in the number of trustees who knew how their scheme’s assets were invested. Read more »
Posted in: Blog
Tags: Pensions, Pensions Regulator, Professional Trustees, Trusteeship
Whilst many graduates are bearing the brunt of the economic downturn and struggling to find graduate positions as most organisations have either cut or put a freeze on graduate recruitment, actuaries Spence & Partners are bucking the trend.
To meet the continued expansion of their business and to grow a strong talent pool for the future, the business recently recruited seven graduates to work in their offices in Belfast and Glasgow. Providing career opportunities in actuarial, pension consultancy and administration, our graduates are supported through professional studies in their chosen post graduate field and our aim is to provide interesting and worthwhile careers for all our people.
Liz Fergusson, a director of Spence & Partners commented “as a progressive actuarial and pension consultancy practice, Spence & Partners recognises the need to recruit and nurture the most talented individuals. Our mix of work provides challenging objectives; our people are encouraged to challenge the status quo, be creative thinkers and have a “can do” attitude”.
For further information please contact David Davison at Spence & Partners (www.spenceandpartners.co.uk) on 0141 331 1004.
Issued on behalf of Spence & Partners by Blueprint Media
Date: August 2009
ENDS
Posted in: Media, Media Releases
Tags: Corporate
Northern Ireland actuaries Spence & Partners recognise the need to nurture talent and are keen to support their local communities. This year, we have provided placements to two of the first students studying toward a BSc in Actuarial Science at Queens University Belfast. In the third year of their degree course, students undertake a placement in an actuarial environment, for a minimum period of nine months.
As a progressive actuarial and pension consultancy practice, the students are given a broad range of work, with the potential to quickly contribute and participate in helping to achieve the objectives of the business, whilst working closely with senior qualified actuaries, trainee actuaries, pension consultants and administrators.
Ian Campbell, a director at Spence & Partners commented “since the Actuarial Science degree programme was established at Queens University Belfast, we have built a strong association with the faculty, and we have a keen interest in actuarial research and education. The quality and academic calibre of the students we have met is excellent, and we very much want to be an employer of choice”.
For further information please contact David Davison at Spence & Partners (www.spenceandpartners.co.uk) on 0141 331 1004.
Issued on behalf of Spence & Partners by Blueprint Media
Date: August 2009
ENDS
Posted in: Media, Media Releases
Tags: Actuarial, Corporate
A hearing of the Institute of Actuaries Tribunal Panel held on 4 August 2009 found that Mr. Ian Conlon was guilty of Misconduct under the Institute’s Disciplinary Scheme. The Panel determined to impose the following sanction on Mr. Conlon:
In late October 2008 Spence & Partners learned that Mr. Conlon, then a director of the company, had been acting as a Scheme Actuary to a number of our UK pension schemes clients without ever having held a current Scheme Actuary practising certificate. This was a clear breach of a requirement of a Practice Standard (Guidance Note 29) issued by the Actuarial Profession.
Mr. Conlon had told his fellow directors and colleagues at Spence & Partners that he had a Scheme Actuary practising certificate when he had not.
In an earlier Media Release dated 20 November 2008 Spence & Partners explained the immediate action it took on discovering that Mr. Conlon had perpetrated this serious professional breach and misrepresented his status to us. Mr. Conlon ceased to be employed by Spence & Partners in a senior capacity and relinquished a small shareholding he owned.
A Scheme Actuary practising certificate is not merely an administrative requirement; its possession is a means of protecting the public in general and pension schemes, and their members, in particular. Its possession ensures that an actuary who works in this highly responsible field is openly acknowledged as professionally competent to do so. Spence & Partners fully supports the Institute of Actuaries in the action it has taken.
Spence & Partners regrets that both itself and its clients have been let down by Mr. Conlon, a hitherto trusted colleague and long-standing member of the Actuarial Profession. With the benefit of hindsight Spence & Partners should have had in place a checking mechanism to ensure that all Scheme Actuaries it employs held the necessary practicing certificate. This has now been put in place.
The Actuarial Profession has for some time made public which of its members have practising certificates and provides this information to the Pensions Regulator. Spence & Partners is grateful to the Pensions Regulator for having identified this breach by Mr. Conlon.
Spence & Partners has provided full assistance to the Institute of Actuaries in pursuing the case against Mr. Conlon under the terms of the Institute’s Disciplinary Scheme.
As a result of his experience and knowledge, Mr. Conlon was well equipped to act as a Scheme Actuary and has never given any explanation to Spence & Partners for having said he had a Scheme Actuary practising certificate when he had not. It is clear, however, that there was no logical reason for Mr. Conlon to act as he did and, given that all costs associated with obtaining and maintaining a certificate would have been met by his employer, there was no element whatsoever of personal gain involved.
Mr. Conlon’s work was subject to checking by other actuarial staff and all reports he signed were subject to peer review by a fully qualified actuary in accordance with the requirements of the Actuarial Profession. No client suffered any detriment as a result of Mr. Conlon not holding a Scheme Actuary Practising Certificate.
For further information please contact Brian Spence on 07802 403013, email: brian_spence@spenceandpartners.co.uk or Ian Campbell on 07787 430440, email: ian_campbell@spenceandpartners.co.uk
Issued on behalf of Spence & Partners by Blueprint Media
Date: August 2009
ENDS
Posted in: Media Releases
Tags:
After the end of a 12 week consultation period, The Pensions Regulator (tPR) will be issuing its revised TKU Code of Practice No.7 along with its scope guidance later this year. Read more »
Posted in: Blog
Tags: LinkedIn, Pensions Regulator, Trusteeship
Herbert Hoover assumed the presidency of the United States in March 1929 just in time to face the infamous Wall Street Crash of the same year and subsequent Great Depression. The difficulties and frustrations of dealing with economic vortices beyond your control are summarised neatly in his observation that “About the time we can make the ends meet, somebody moves the ends.”
My brother, who works for BT, got a bit annoyed with me at the weekend when I ventured to suggest that his employer was bust.
“It’s the pension accounting rules” he said “they don’t make sense. How can a deficit go from £4bn to £8bn in 3 months?”. There was more than a hint in his tone that suggested that the fact that I worked in the second most dubious profession (at least I’m not an MP) meant that I somehow bore an element of personal responsibility for BT’s predicament. So Read more »
Spence & Partners Limited is a company registered in Northern Ireland with registered number NI 37760 whose registered office is at 22 Great Victoria Street, Belfast, BT2 7BA.
Spence & Partners Limited is authorised and regulated by the Financial Services Authority in the conduct of investment business. VAT number 752 3781 22.
