Spence & Partners (Spence), one of the leading providers of pensions advisory and data services to UK pensions schemes, has been appointed by Independent Governance Group (IGG), a specialist provider of professional pensions trusteeship and governance services for occupational pension schemes to provide administration, actuarial, and investment services as part of its new IGGnite service.
The new IGGnite service is a multi-trust solution that puts in place a standardised structure to reduce scheme running costs, with IGG becoming the sole professional trustee. The trustee will use a standardised approach for the scheme’s investment strategy and select service providers such as Spence from its panel of firms to support the scheme.
IGGnite is one of several new services launched in recent years as trustee boards and employers are increasingly interested in reducing running costs through consolidation. These consolidation propositions use a standardised approach to keep costs down and use bulk purchasing power across a book of schemes to access better value for money from service providers and fund managers.
The Spence DB Scheme Running Costs Report recently found DB Schemes are collectively spending up to £300 million more than they need to each year due to inefficiencies and lack of automation.
Alistair Russell-Smith, Head of the Corporate and Charities practices] at Spence & Partners, comments: “We’re delighted to have been chosen by IGG as one of the service providers for IGGnite. We look forward to working with the firm to provide administration, actuarial and investment support to its schemes. Our deep bench of expert pension professionals are well-placed to ensure that these schemes receive both excellent service and great value for money.”
