Risk transfer: securing member benefitsServices for Trustees
Delivering a journey plan
We can help develop a journey plan to guide your scheme to the ultimate end point in the most efficient manner. We expect that implementation of this journey plan would be a collaborative exercise with the trustees and their advisers, and we are familiar with working with other parties in this way.
Achieving this target may not be as far off as you think – particularly if recent improvements in market conditions continue and other actions are taken e.g. liability management exercises. When this time comes, Spence’s specialist consultancy team can apply their many years of experience in helping employers and trustees navigate the wind-up process.
Over the last five years, we have worked with over 20 schemes to help them through a buy-in/buyout process. This has entailed significant liaison with insurance companies such as Legal & General, Aviva, Pension Insurance Corporation, Just (and their predecessor firms Just Retirement and Partnership) and (prior to their purchase by Rothesay Life) Met Life Assurance.
We would also expect to consider the use of “medically underwritten” annuities. The use of medical underwriting should be weighed up against the likely savings available and the additional time taken to secure terms using this approach. To address this issue, medically underwritten insurers (such as Just) have developed solutions which will allow them to participate in most broking exercises. In our recent experience, the price differential for small schemes of “standard annuities” versus medically underwritten annuities is still relatively small.
Mantle is integrated with several insurance firms’ pricing, providing accurate insurance liability estimates. This allows buy-out costs for individual schemes to be monitored in line with their funding positions, and for the buy-out process to be commenced as soon as cost conditions are met. This means that the entire buy-out process can be managed with greater precision and cost efficiency.
Our Services for trustees
We use technology to make people's lives easier and to help our expert administrators deliver great service.
Governance is at the heart of efficient scheme management and informed decision making.
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.