LS Starrett appoints Spence for fully-integrated DB scheme management service

Spence & Partners, the UK actuaries and consultants, today announced their appointment by The LS Starrett Company Limited Retirement Benefits Scheme for their award-winning, fully-integrated approach to DB scheme management – ‘The Spence Approach’. Services to the 475 member, £25 million Scheme will include actuarial, investment and pension scheme administration. Alan Collins, Head of Trustee Advisory Services at Spence commented: “In a post-Brexit environment trustees are looking for greater scheme transparency and a more joined-up approach to funding, investment and governance. Our Mantle® system allows schemes to make informed decisions around their funding at any point in time, based upon the live administration and investment data – what we see they see. Trustees are no longer looking in the rearview mirror; instead they can be fully responsive to funding opportunities that will benefit the scheme. Ultimately, we are giving trustees and sponsors of all schemes levels of analysis and advice that is usually reserved for schemes with much larger budgets. We are very pleased to be working with LS Starrett and the Trustees.” Grant Gill, Financial Director and Trustee at Starrett commented: “During the appointment process Spence were able to very clearly demonstrate how they will work with us to manage risk effectively while continuing to develop and implement clear long-term strategic objectives. Their pro-active approach to interacting with our members and their ability to provide immediate, automated benefit illustrations has significant advantages compared to other solutions in the market. We are really looking forward to working with Alan and the team at Spence.”