Spence & Partners, the UK pension actuaries, investment and administration specialists, today welcomes the publication of The Pension Regulator’s (TPR) Integrated Risk Management Guide, and urges trustees to review scheme management in line with the new principles.
The guidance from TPR sets out practical help on what a proportionate and integrated approach to risk management might look like and how trustees could go about putting one in place. Spence already adheres to the guidance with its ‘Spence Approach’.
This combines cutting edge technology with tailored expert advice in order to equip trustees and employers with the necessary resources to more easily manage their defined benefit (DB) scheme towards its ultimate goal without imposing strain on the company.
Alan Collins, Head of Trustee Advisory, Spence said: “What The Pensions Regulator has outlined in this new and welcome guidance is already business as usual at Spence. Our clients can be confident, that while others are busy working out how to put this guidance into practice, we are already running our business by it.
“Funding and investment matters are inextricably linked and cutting-edge technology sits at the heart of any truly integrated risk management approach. When combined with expert advice and an understanding of the employer’s covenant, the end result is that trustees and sponsors have the confidence to make informed decisions – when it counts. We ensure that all schemes, no matter their size, are treated equally and have access to the same level of analysis and advice.
“We believe all schemes should be able to benefit from a similar philosophy. We applaud the regulator for producing this guidance, and urge trustees to study it closely and ensure it is built into the management of any scheme they may be involved with.”