Many employers have been facing a very tough time recently. Spence & Partners normally reviews its hourly charging rates from 1 January each year. In recognition of the tough trading conditions many of our clients are experiencing we have decided to hold our 2009 rates for 2010. We understand that some of the larger actuarial consultancies and pensions administrators are attempting to implement fee increases in 2010. There has probably never been a better time for pension scheme trustees and employers to review actuarial advisers and when appointing new advisers they should consider smaller independent consulting firms such as Spence & Partners which offer just as good a service as the large consultancy firms, in fact a much more engaged service, but at a significantly more competitive price.