Defined Benefit Pension Administration

Timely, accurate, empathetic and award winning.


We never lose sight of the fact that the primary objective of a pension scheme is to provide accurate benefits and information to members in a timely and empathetic manner.

To achieve this we take advantage of cutting edge technology combined with quality members of staff and robust processes, to deliver an award winning administration service.

At the core of this service is our proprietary software, which manages all scheme functions from a single platform. This allows for true automation, and the flexibility to quickly address any industry or scheme changes.

 

One System. More Features. Greater Transparency.
Fully integrated administration and actuarial platform Real-time common and conditional data audit results
Automated administration quotations and letter production Automated production of annual report and accounts
Integrated workflow system, process controls and report generator Benefit audit and rectification
Document storage and client portal Automated trustee stewardship reports
System audit and management statistics (e.g. comparisons against SLAs) Pensioner payroll
Treasury/cash management services Double entry bookkeeping

This award winning software gives trustees complete scheme transparency through real-time online reporting, focused on data quality and service targets, that exceed Regulator requirements.

Below are just two examples of the types of reporting you can expect:

Report against common data targets set by the Regulator. By clicking on ‘More Detail’ trustees are able to instantly view and download individual details of missing data items at no extra cost.

Report on the data required to carry out an actuarial valuation, a benefit audit, or provide efficient on-going administration based upon the true state of the member records.

 

In addition to the automation this system provides, the insight and experience our administration team will bring to the running of your Scheme is invaluable. Their hands on approach ensures all advice is clear, focused and tailored to your specific situation.

Spence has one of the strongest administration teams in the UK, and our systems and processes are:

ISO 27001:2013 certified Data security is often overlooked and poses a significant risk to trustees and members. Spence is one of a very few pension consulting firms to have achieved such a high standard for information security. View our ISO 27001:2013 certificate here.
AAF 01/06 audited Our administration controls have been documented and audited in an independent report in accordance with AAF 01/06. View our AAF 01/06 report here.
Strict checking procedures There are strict checking procedures for all calculations and correspondence with trustees, members and third parties.
Authorisation Restrictions Trustees and employers can set relevant levels of authorisation to the platform for internal and external users and advisers, giving them access to only the information they need them to see.

De-risking is not only about investment – some of a scheme’s biggest risks relate to scheme data and the benefit structure.

To ensure the Scheme is managed from a solid foundation we carry out an independent validation of member data and produce a detailed benefit specification to ensure the benefit structure is clearly defined, and that the quality of data is well understood at the outset.

For more information please contact Suzanne Wilson, our head of Scheme Administration and Fund Accounting team, who would be happy to discuss the benefits of our approach in more detail with you.

“…I continue to be impressed by the professionalism and thoroughness of your team at Spence. We are getting things done properly now and are receiving a level of service we hadn’t realised we should have been expecting all along. Spence is like a breath of fresh air.”
Trustee of the Stanley Gibbons Holdings Pension Scheme