The Pensions Trust has at last drawn a line under the Scottish Voluntary Services Pension Scheme with plans to close it to all future benefit accrual from April 2010. The knock-on effect of this decision is to highlight how wholly unsuitable it was for the many small charities and not-for-profit organisations who were encouraged to take part.

It also leaves many questions unanswered. Why was there such enthusiastic encouragement to participate in a pension scheme of this type? Why were these small organisations not given very clear guidance about the potential risks that they were exposed to as a result? Had they been, would so many have blindly taken part?

And the biggest question remains: what is going to happen to other similar schemes with participants all equally ill-equipped to deal with final salary liabilities?

David Davison is a Director at Spence & Partners, independent actuaries and consultants in Scotland and Northern Ireland.

Posted in: Media Releases
Tags: Charities, Not For Profit, Scheme Closure, Scotland

In the pensions endgame business, you only get one shot at calculating all the benefits and they have to be right. The fact that much of the necessary information is still held in a variety of electronic and paper records does not help the process.
The industry has had 20 years now since computerisation became the norm and its record in archiving full information in a consistent form does not inspire confidence – not least because it is a long and laborious task.
But the digitising of vital information needs to be completed now as more and more schemes close to accrual. The time for bad record-keeping is past. Like the rest of the industry, it has to be dragged into the 21st century.

For further information please contact David Davison at consulting actuaries Spence & Partners on 0141 331 1004.

Issued on behalf of Spence & Partners by Karen Milne at Blueprint Media tel 0141 353 1515
Date:   January 2010

Posted in: Media Releases
Tags: Data, Pensions End Game

Independent Trustee Dalriada Trustees Limited, sister company to Spence & Partners, are pleased to announce that from 1st October Claire McGruer will join Brian Spence and Connie Johnstone on the Board of Directors of Dalriada Trustees Limited.

Claire joined Dalriada Trustees in 2007 and acts as a trustee to a number of schemes who benefit from her wide ranging experience providing technical support and advice to both corporate and trustee clients.

Brian Spence commented that “Connie and I are delighted that Claire will be joining us and we are confident that this is a positive development that will strengthen our business in terms of both shaping the strategic direction and our decision making processes as a trustee.”

For further information please contact David Davison at consulting actuaries Spence & Partners on 0141 331 1004.

Issued on behalf of Spence & Partners by Karen Milne at Blueprint Media tel 0141 353 1515
Date:   January 2010

Posted in: Media, Media Releases
Tags: Corporate, Professional Trustees

A non-executive directorship used to be the icing on the cake to many a long and distinguished political, financial or commercial career.

Leaving the white heat of competition behind them, these positions afforded leading figures the chance to put their experience and knowledge to use, earn a handsome fee for doing so and seemingly carried few personal liabilities or responsibilities – certainly none that were taken too seriously.

In the wake of numerous corporate mismanagement scandals that has all changed and the role of a non-executive director is not the hands-off, care free money maker it was once taken for. But what has all this got to do with pensions?

Well, Read more »

Posted in: Blog, Media, Media Releases
Tags: Professional Trustees, Trusteeship

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

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

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:

• Suspension from Membership for a period of 6 months,
• A fine of £1,000; and
• A requirement to attend a professionalism course within 12 months.

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

ENDS

Posted in: Media Releases
Tags:

Specialist actuary, Spence & Partners, have updated their highly successful Life Expectancy calculator and added it to their website . The calculator provides estimated life expectancy for single and joint lives and has been widely used by financial advisers to assist in evaluating life expectancy for their clients as part of the process of establishing cash flow requirements in retirement. Read more »

Posted in: Blog, Media Releases
Tags: Actuarial, Financial Advisers, Longevity, Mortality

Spence & Partners Limited, who are fast building a reputation as a dynamic and progressive force in the actuarial and pension consulting market in Scotland and Northern Ireland, have managed to secure the services of Ian Campbell, BSc, FFA, a senior actuary with decades of experience at the highest level of the profession.

His appointment as director responsible for actuarial services enhances the strength, gravitas and professional integrity of the Spence & Partners team which, under Managing Director Brian Spence, has built up an unrivalled reputation in a fiercely competitive sector. Read more »

Posted in: Media Releases
Tags: Actuarial, Pensions

MacMillan Cancer Support receive £750 from Liz Fergusson

Spence & Partners are pleased to support Macmillan Cancer Support with a donation of £750. The money was raised by donating the funds that would have been used to buy Christmas Cards. Instead, Spence & Partners’ clients received a festive and environmentally friendly e-greeting and staff were asked to select a charity they wished to support.

Liz Fergusson (pictured) presented the cheque to Emma Rae from the charity at the Spence & Partners Belfast office commenting that “Sending an electronic Christmas greeting gave us a great opportunity to demonstrate how a small change can make a significant difference to a charity we are delighted to support”.

Posted in: Media Releases
Tags: Charities

On the back of continued business success, leading actuary and administrator, Spence & Partners, continue to strengthen their servicing team, despite the economic background.

Colette Sharpe joins Spence & Partners as Head of Fund Accounting with responsibility for the entire fund accounting provision and cash management facility for both Spence and Partners Ltd. and Dalriada Trustees. Read more »

Posted in: Media, Media Releases
Tags: Accounting, Corporate

Hot on the heels of recently issued guidance from the Pensions Regulator on “Record Keeping – Good practice in measuring member data” specialist administrator Spence & Partners has launched a data evaluation tool aimed at scheme trustees and administrators.

The data audit report evaluates the overall quality of the scheme data held electronically and provides a rating. It can also provide a quality rating in relation to a specific exercise being undertaken, for example, scheme buyout or the provision of scheme transfers. The report provides information which meets the Pensions Regulator’s required outputs and provides a list of all the areas which need attention prioritised according to their potential impact. Read more »

Posted in: Media Releases
Tags: Administration, Data, Financial Assistance Scheme, Pension Protection Fund, Professional Trustees

In order to meet growing demand, Spence & Partners and its trustee company Dalriada Trustees Limited, has seized the opportunity provided by the decision of Mercer to close its specialist scheme terminations unit in Belfast, to recruit highly-prized and experienced staff to enhance and grow its specialist pension scheme discontinuance offering. Read more »

Posted in: Media Releases
Tags: Administration, Financial Assistance Scheme, Pension Protection Fund

On 20th October we learned that Ian Conlon, an actuary working for Spence & Partners (S&P), has been acting as a Scheme Actuary to a number of UK Pensions Schemes, which are clients of S&P, without holding a valid certificate to act as a Scheme Actuary.

This came to light as part of the Actuarial Profession’s regulation and monitoring after the Profession made enquiries of The Pensions Regulator. Read more »

Posted in: Media Releases
Tags: Corporate

Inappropriate and out of date pension arrangements could be significant for a growing number of charities.

Actuarial and consultancy firm Spence & Partners says many small charities and not-for-profit organisations have been encouraged to participate in local authority or multi-employer schemes. Read more »

Posted in: Media Releases
Tags: Charities, Not For Profit, Pensions, Public Sector

Firms seeking to fend off unwanted attention from aggressive suitors can find refuge in their final salary pension scheme.

Final salary pension schemes have always been seen as a fly in the ointment when it comes to selling a business, however they can be very useful at frightening off potential predators. Read more »

Posted in: Media Releases
Tags: Actuarial, Corporate, Pensions

Spence & Partners, the largest independent locally-owned firm of actuaries and consultants in Scotland and Northern Ireland, expects to deliver a 15% increase in turnover and staff during 2009.

The firm has offices in London, Glasgow and Belfast and although its Scottish client base accounts for some 60 per cent of its total, an ambitious expansion strategy has secured a significant presence in England. Read more »

Posted in: Media Releases
Tags: Actuarial, Administration, Corporate, Pensions, Public Sector