Archive for August 2009

David Davison

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 »

Neil Copeland

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 »

David Davison

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.

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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

Sean Browes

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 »

David Davison

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

David Davison

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

Neil Copeland

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 »

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