Spence & Partners, the UK pensions actuaries and administration specialists, scooped the Consulting Innovation of the Year award at the prestigious 2015 UK Professional Pensions awards last Thursday (7 May). The awards, which are in their 18th year, were presented at a gala dinner at London’s Grosvenor House Hotel hosted by comedienne and writer Sandi Toksvig.
The close fought category saw Spence & Partners, judged by a panel of senior scheme managers, trustees and advisers, come out on top for their innovative approach to Defined Benefit (DB) scheme management, which was originally launched in May 2014. Alan Collins, Head of Trustee Advisory Services at Spence, commented: “We’re incredibly proud of the ‘Spence approach’ and to be recognised at the 2015 UK Pensions Awards is fantastic for challenging the archaic manner by which actuarial services are delivered within the pensions industry. Pension schemes are no longer working to an indefinite time horizon, where a check once every three years to ensure the funding plans are broadly on track is sufficient. We believe our approach has revolutionised the way our clients’ pension schemes are run giving them access to the kind of analysis and advice that were previously reserved for only the largest of schemes.”
With more than 30 schemes already signed up, this new approach combines cutting edge technology with tailored expert advice all run from a single platform giving both trustees and employers automated daily administration and actuarial calculations (meaning no longer a need to migrate data from one system to another), real time reporting, a clear and closely monitored funding and investment strategy for a known, fixed fee.