Spence & Partners, the UK pensions actuaries and administration specialists, scooped their second award of the year last night at the European Pensions Awards 2015. The company was awarded the Pension Scheme Administrator of the Year title for their ‘Spence approach’* for defined benefit (DB) pension schemes at a prestigious ceremony at London’s Grosvenor House Hotel.
Spence were judged against their peers by a panel made up of professionals from across the European pensions sphere, including providers, pension funds, consultants and representatives from various European pensions and investment associations
Brian Spence, CEO of Spence and Partners, commented: “We recognised some time ago that pension schemes are no longer working to an indefinite time horizon and needed new and innovative solutions to help them, so we developed our services accordingly. To say we are thrilled to receive this award, our first for administration, is an understatement. We are incredibly proud of the service and have worked hard to carve our niche in this market so to be recognised by such influential and expert industry colleagues from across Europe, against such stiff competition, is a fantastic acknowledgement of the hard work and dedication of our team in putting it together. Read more »
It’s been an electric period in pensions… the freedoms has arrived, the Chancellor has heralded further developments on the horizon, the industry is awash with change.
But the Spence team have been keeping their finger on the pulse, monitoring industry changes and trends from the last quarter and condensed the information into a snappy report for you to download. This update briefly summarises everything you need to know, and clearly sets out the actions you need to take. Saving you hours of scouring through multiple reports, press releases, blogs and articles. Read more »
On the run up to Pensions Freedom Day the focus has been on “how many members will transfer from a Defined Benefit (DB) Scheme to a Defined Contribution (DC) Scheme” or “how many members will take their full fund as a one off cash sum”. That day has now come and gone and it’s time to start focusing on the future for DC members.
Prior to the 2014 budget, members of DC arrangements could take 25% of their pot tax free on retirement and use the remaining pot to buy an annuity. The majority of members (up to 80%) did not consciously make any investment decisions and their funds were fully invested in the default fund. Members simply left the default fund to do the rest and hope for the best when they reached retirement. Read more »
Spence & Partners latest blog for Pension Funds Online –
In a world where gilt yields continue to hurt pension scheme funding levels, even at a time when the markets are performing well, support from scheme sponsors is crucial. All the more reason why Trustees should have a strong framework in place to understand and monitor their employer covenant.
This is one of those statements which is easy to make and less easy to implement. Properly assessing the strength of a company and then monitoring the way that changes is no easy task.
Many trustees complain of bland covenant reports which simply re-present financial statements from their company, difficulty in obtaining timely information and then a struggle to identify the main drivers behind the company covenant. Read more »
Spence & Partners, the UK pension actuaries and administration specialists, today announced their appointment by Northampton-based Wintle Heating and Plumbing Retirement Benefits Scheme for their award-winning, fully-integrated DB scheme management service – ‘The Spence Approach’. Services to the 40-member, £5 million Scheme will include actuarial, consultancy, administration, payroll, treasury and accounting functions.
Alan Collins, Head of Spence’s Trustee Advisory Practice said: “Our appointment by Wintle complements our growing client base in the south of England. During the appointment process we were able to demonstrate to the Trustees and the Company how we will work with them to develop and implement clear long-term strategic objectives and focus our time on solving the challenges relating to defined benefit scheme funding.” Read more »