Spence launches integrated scheme management service

Marian Elliott

or Subscribe to Feed

Spence & Partners, the UK pensions actuaries and administration specialists, today announced the  launch of their new, fully integrated and tailored scheme management service for Defined Benefits  (DB) pension schemes.

Marian Elliott, Head of Trustee Advisory Services at Spence, commented: “Running a DB scheme  isn’t easy.  Trustees are asked to decipher information about the covenant, investment strategy  and actuarial funding–often produced at different times, from different sources and with no clear  link between them. Added to this, they are often also dealing with inaccurate and incomplete data  and poorly-defined benefit structures, leading to the wrong decisions being made.

“To help trustees cut through these complexities, provide them with co-ordinated risk management  and to get them from where they are now to where they want to be, we have developed a fullyintegrated approach to better scheme management, combining leading-edge technology and  specialist knowledge. This solution is revolutionary and, we believe, unique in the market. It  moves away from multiple databases – one for actuarial work and another for administration  records and uses a single database containing up-to-date live member data to manage the scheme and automate all administration and actuarial calculations. 

“Full actuarial results are therefore available, daily, from anywhere in the world – allowing trustees  to focus on what they should be doing – monitoring progress and managing strategy, without  having to request updated figures on an ad hoc basis from the actuary. Our approach allows our  clients to identify risks and, importantly, capture opportunities as and when they arise. Trustees are able to make informed decisions based on clear, up to date information about their funding  position, the quality and efficiency of administration calculations is improved and the governance of  the scheme becomes more straightforward .

Elliott added: “Good and sensible use of technology is now synonymous with good scheme  management and, by embracing it, employers and trustees are able to move their scheme forward  in a way they haven’t been able to before.”