Governance adviceOur services to Trustees
Five steps to good governance
Governance is at the heart of efficient scheme management and informed decision making. For a scheme to meet its objectives, it MUST have in place the right structures, tools and processes.
Governance is not about ticking boxes; it’s about running a pension scheme the right way for the benefit of all parties involved.
We put in place five building blocks to ensure trustees can easily identify and manage both risks and opportunities as they arise, with cost-saving efficiency.
Trustee support and training
We appoint a specific team member to be clearly responsible for co-ordinating and managing regulatory and legislative compliance on governance matters for each scheme. This minimises the risk of particular issues falling between external advisers or between those advisers and the trustees. Our team also includes a network of Knowledge Champions focused on researching particular industry topics.
We can also identify, co-ordinate and manage trustee training and development needs, to help trustees comply with their Trustee Knowledge and Understanding obligations.
Clear member communication
We help members connect better with their pension through our secure online platform, our dedicated telephone service, by email or by post.
We provide great customer service to suit specific needs and requirements, using clear and concise language which avoids pensions jargon. Our fast response times lead to higher levels of member engagement.
Business Plan and Risk Register
A pension scheme’s Business Plan and Risk Register are ‘live’ documents – not just tick-box checklists. We ensure they are reviewed and updated regularly, setting the stage for the efficient management of the Scheme.
At Spence, we believe that documentation and reporting is at its most effective when it is in electronic format, as this makes it accessible to all relevant parties.
We have developed a user-friendly, collaborative and intuitive e-governance solution to give trustees online access to scheme administration, actuarial and investment reporting anywhere, anytime, from any device.
Our e-governance model uses Microsoft Teams and is a repository for scheme documents, minutes and meeting packs, as well as current issues papers, investment reports and other relevant information. It can host all key scheme documents securely for viewing, downloading and editing, with a full audit trail.
We can provide comprehensive training and support for trustees and scheme secretaries.
Collaboration between all parties
We work in partnership with trustees, sponsoring employers and external advisers. We hold regular meetings, both formal and informal, to ensure that we maintain a comprehensive knowledge of each pension scheme and that all advice and activity is being driven in the same direction.
We clearly define roles and responsibilities from the outset so that trustees, advisers and service providers are clearly identified. Where appropriate, we coordinate the delegation of certain decisions to individual trustees or sub-groups.
We provide trustees with focused reports and a clear assessment of the strength of the employer covenant.
Other services for trustees
We use technology to make people's lives easier and to help our expert administrators deliver great service.
Using cutting-edge technology, we deliver a new level of cost and risk-reducing efficiencies to all schemes, no matter their size.
We are on the Specialist Administration and Actuarial Services Panel, who assist pension schemes during the assessment period for entry to the PPF.
We can help develop a journey plan to guide your scheme to this ultimate end-point in the most efficient manner.