Scheme Actuaries
It is essential that trustees have access to the best skills and advice when they need it. Spence & Partners have significant industry experience which allows them to deliver a highly professional, innovative and competitive service.
Our focus is on providing the highest levels of service and identifying appropriate solutions that both meet objectives and are within budget.
Administration
Spence & Partners places great emphasis on administration quality and views it as a core and distinct element of its business.
Spence & Partners offer a complete range of administration services including:
- Recording keeping and all necessary updating of information
- Provision of annual statements for members
- Calculation and communication of all benefits
- Processing of benefit settlements
- Cash management, including operation of the scheme bank account, cash flow analysis, investment and disinvestment of funds as appropriate
- Pension fund accounting
- Administration of death in service and other insured benefits
- Provision of information and/or data to external parties – scheme actuary, Stewardship Reports etc.
- Pensioner payroll
- Liaising with, and reporting to, all statutory bodies
- Data evaluation
Actuarial
As well as ensuring trustees comply with statutory funding valuations and associated reporting requirements, Spence & Partners are able to give strategic advice to trustees as to appropriate bases for transfer value calculations, early retirement and discretionary benefits. Where scheme funding is an issue these areas increasingly cause concern for members and trustees.
Similarly, Spence & Partners can work in partnership with trustees in negotiations with employers to ensure they meet their obligations to act in the best interest of their members and appropriate decisions are taken as regards benefit provision and funding from the sponsoring employer.
Investment
Every pension scheme has a unique liability profile which must be taken into account when identifying a suitable investment strategy. Funding and investment of defined benefit pension arrangements are inextricably linked and trustees new to review one in conjunction with the other. Spence & Partners can guide trustees through an appropriate review process and, where necessary, introduce specialist investment consultants to ensure they receive the best possible advice.
Secretarial
Spence & Partners are experienced in acting as Secretary to the trustees and, in doing so, bring experience and professionalism to trustee meetings. As Secretary, they will ensure that meetings are organised and conducted in a proper manner in accordance with statutory obligations and industry recommended best practice. Post meeting, they will arrange for the production of both formal trustee minutes and abbreviated action points to ensure matters are progressed appropriately and momentum is maintained.
Trustee meetings are the forum for making decisions critical to the operation of a scheme. The importance of accurate and timely minutes should not be underestimated. Inaccurate recording of decisions taken historically due to inadequate or deficient trustee minutes is a constant issue and can cause significant problems, not least in the calculation and valuation of accurate benefits.
Spence & Partners consider the role of Secretary to the trustees critical and associated obligations and responsibilities should not be taken lightly. Consequently, they are pleased to offer it as a dedicated service, in conjunction with other advisory, administrative and actuarial services or as a service in its own right.
