Posts by Rebecca

Rebecca Lavender

PRESS release: 09 OCTOBER 2014

Spence & Partners, leading actuarial advisers to the charitable and social housing sector, has launched an online calculator and Guide to help organisations assess the likely impact of the introduction of FRS102.

David Davison, Head of Public Sector, Charities and Not-for-Profit Practice at Spence & Partners commented: “The introduction of the new pension reporting rules will require organisations to fully disclose their multi-employer pension scheme liabilities in their annual accounts, many for the first time.  We have launched this online calculator to help organisations as they try to get a handle on this new pension scheme accounting standard and identify what the likely position will be for them. This will be a challenge, particularly for charities in multi-employer schemes, who up until now only needed to record the value of their DC contributions.

“The calculator will allow schemes to enter their deficit recovery contributions and recovery period and obtain an estimate of the net present value figure* they’ll likely have to include on their balance sheet. Based upon this, the calculator will also provide a proxy figure for a full disclosure equivalent to that currently derived under FRS17**. This will help charities and other organisations participating in multi-employer schemes see the potential financial impact of disclosure early on and help them plan any steps needed to protect the balance sheet position. The steps could be relatively straightforward, but for others, particularly those where this change could have a material impact on their balance sheet, more bespoke action could be required. Charities, for example, might like to consider designating funds in the next financial statements to cover any agreed deficit reduction payments to minimise the effect on free reserves when FRS102 comes into effect.”

Davison added: “Although FRS102 only comes into force for accounting periods on or after 1 January 2015, the information and planning required means the issue should really be being considered now. The calculator will allow multiple calculations to be carried out and it can also be saved and printed. We believe it, and our technical guide, will provide access to a valuable resource for charities to better understand their obligations.”

The calculator can be found here The technical guide which explains the technical details of the new accounting disclosures and the key choices charity financial directors are likely to face is also available at

* The value of outgoing cashflows, discounted back to the present date, using a discount rate

** An accounting standard used to assess the balance sheet impact and pension costs associated with the operation of occupation pension schemes

Rebecca Lavender

 UK pensions actuaries and administration specialists, Spence and Partners, has opened an office in London and announced the appointment of new director Marian Elliott as the head of its UK Trustee Advisory Service.

Elliott is a scheme actuary who has worked in the UK pensions market for 10 years since she moved to England from her native South Africa. She has experience in advising both corporate and trustee clients in the private and public sectors.

Based at the firm’s London premises in Berkeley Street, Elliott takes on a national role to further develop Spence’s trustee advisory practice. She also joins the firm’s board, where she will assist with strategic direction and business development.  

She said: “Spence has a fantastic team and I am thrilled to be joining them at this exciting stage of their development.  Their recent successes in the trustee advisory market, together with their investment in IT, data management systems and software innovation, highlight their absolute commitment to providing high quality advice to trustees.”

Spence and Partners CEO, Brian Spence said: “Marian is an experienced and extremely competent operator within the pensions industry and we are very excited about her joining our team. Getting her on board and launching our new London office marks another great step forward for Spence. Marian’s drive and her exceptional track record will undoubtedly bolster our offering as a firm.” 

These new developments follow Spence’s recent appointment as one of eight firms on the PPF’s Specialist Administration Services Panel which was confirmed earlier this month.



Rebecca Lavender

Spence & Partners Limited, has been appointed by the Pension Protection Fund (PPF) to its new administration services panel.

Through the appointment, Spence will provide specialist pension administration services to the trustees of schemes which are in the assessment process for both the PPF and the Financial Assistance Scheme (FAS). Along with the other seven panel members, the firm’s remit is to ‘significantly contribute to the effort to increase the number of schemes that transfer to the PPF within a given period, whilst delivering an excellent customer experience’. Read more »

Rebecca Lavender

On Monday 27th June Spence & Partners and it’s sister company independent trustee Dalriada Trustees had the pleasure of sponsoring an event held by Queen’s University Management School to celebrate the first graduates from the Actuarial Science and Risk Management degree programme.

Spence & Partner’s is now embarking on its third year of sponsoring placement students from the programme and has an objective of being viewed as the actuarial employer of choice in Northern Ireland. Read more »

Rebecca Lavender

Our sister company, independent trustee Dalriada Trustees Limited have launched a new website at

The site will include regular blog articles written from the perspective of a leading UK independent trustee entitled Diary of an Independent Trustee.  Dalriada has a national network of independent trustee representatives in the United Kingdom and Ireland drawn from a variety of backgrounds.

In the first article in the Blog Brian Spence begins a series of articles on choosing an independent trustee.

Rebecca Lavender

Leading actuary, Spence & Partners, has today launched its new on-line Pension & Divorce support service as part of its industry leading website. The pages have been designed to provide a simple guide for individuals and their professional advisers through this complex and technical area. The site includes:-

  • A simple step by step guide through the key issues.
  • A unique on-line calculator which allows individuals to get an estimate of what their (or their spouses) pension may be worth covering both pensions in payment and prospective pensions.
  • Case study examples highlighting key issues
  • Useful document downloads to help obtain the information individuals will need.
  • A link to our popular blog which will be regularly updated with topical comment.
  • Access to a lawyer and financial adviser search facility
  • A link to a life expectancy calculator to assist the clients financial adviser deal with likely future cash flow requirements.

Spence & Partners Director David Davison commented “ We hope this new service will provide useful support for individuals struggling with this difficult and complex issue and will evolve in to a useful forum to ask questions and obtain the information people need. We believe the calculator on the site will prove particularly popular as it is often difficult for individuals to get a feel for just how significant pension assets might be and also for lawyers to get indicative figures for clients with pensions in payment and this facility will deal with both of those issues.”

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