Governance you can count on
Governance sits at the centre of efficient scheme management and informed decision making. In order for a scheme to meet its objectives it’s imperative that the right structures, tools and processes are in place. Governance is not about ticking boxes; it’s about running your scheme the right way for all parties involved.
Our approach to governance focuses on five key areas, we find with these in place trustees can easily identify and manage both risks and opportunities as they arise with cost-saving efficiency:
Trustee support and training
There is a single person 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 advisers or between the advisers and trustees. They are supported by a team of Knowledge Champions focused on researching particular industry topics.
Spence is also able to help identify, co-ordinate and manage your training and development needs to help the trustees comply with their Trustee Knowledge and Understanding obligations.
Collaboration between all parties
We take the time to build strong relationships with not only the trustees and employer but with your advisers too. We conduct both formal and informal meetings regularly to ensure a comprehensive knowledge of your scheme is maintained and that all advice and activity is pulling in the same direction.
At the outset roles and responsibilities of trustees, advisers and service providers are clearly identified and delegation of certain decisions should be made to individual trustees or sub-groups where appropriate.
We are able to provide trustees with focused reports and a clear assessment of the strength of the employer covenant.
Clear Member Communication
Members can rely on jargon-free information in a range of formats to suit their needs, and our team are all trained in customer service.
Business Plan and Risk Register
The risk register and business plan are ‘live’ documents rather than tick-box checklists. They are regularly reviewed and updated, setting the path for the efficient management of the Scheme.
Secure and integrated tools
At Spence we believe that all documentation and reporting is most effective when it is electronic and accessible to all relevant parties.
To this end, trustees have access to live scheme administration, actuarial and investment reporting, as well as online document sharing application, SecureShare. This is a repository for scheme documents, minutes and meeting packs, as well as current issues papers, investment reports and other relevant information.
All our online platforms are built to the highest security standards and process to ensure all scheme information is secure.
If you would like to discuss our Governance services in more detail please contact Gillian Lister.