Spence & Partners, the UK pensions actuaries and administration specialists, today announced their appointment by the Leighton Opticians Pension Scheme for their fully integrated DB scheme management service. The service includes actuarial, consultancy, administration, payroll, treasury and accounting functions.
Laura Cumming, Consultant at Spence, commented: “The Trustees of the scheme were very clear from the outset that developing an integrated approach to managing their scheme was crucial to handling both their ongoing commitments and planning for the future. As our technology platform provides immediate access to funding information, based upon live administration and investment data, the trustees will be able to become much more proactive with funding decisions and scheme management plans.
“Combining everyday functions with funding information allows all scheme activity to be run from the same base. This removes one of the unnecessary elements of modern advisory services – the transferring of data cuts for funding calculations. This is an outdated and lengthy process for a modern industry that no longer fits with the needs of schemes to act quickly and decisively.”
Luke Wren, Trustee of the Scheme, added: “We are a relatively small scheme with just over 300 members, however it is still important that we are able to respond to opportunities that are in the interests of their retirement benefits. We always aim to react to market and industry changes quickly, so it was important to us to be able to work with a solution that can provide live updates on our strategy. Spence were able to offer a service that not only introduces efficiencies but brings together the most important aspects of our scheme activity on a platform that we can monitor in line with our strategic goals.”
This appointment follows the recently announced launch of the service itself in December 2014.