Spence & Partners, the UK pensions actuaries and administration specialists, today announced their appointment by the Hayman Limited Retirement Benefits Scheme for their fully integrated DB scheme management service.
Wealth management and employee benefits group Mattioli Woods plc, has been advising the trustees since 2009 and recommended the appointment of Spence. Mattioli Woods understands that trustees need to develop an integrated strategy to manage their DB pension scheme and members of their employee benefit team are experts in providing guidance in this area. Mattioli Woods provides consultancy and investment services to the scheme and has partnered with Spence to deliver actuarial and administration services.
James Bolton of Mattioli Woods, who managed the appointment process, commented: “Data and information quality are absolutely key for companies and trustees looking to get a real handle on the funding position of the scheme. Spence were able to strongly demonstrate the criteria set out at the beginning of the process – namely that a bespoke and responsive service could be provided which utilised the benefits of modern actuarial techniques, which are crucial for developing and monitoring a scheme’s funding strategy.”
Gillian Lister, Consultant at Spence, commented: “We understand that the Trustees want to set clear objectives, co-ordinate all scheme activity towards the realisation of those goals and then have the ability to easily monitor and understand any changes in their funding position over time.
Our integrated technology platform uses live administration data to calculate actuarial results every day – this not only delivers great efficiencies but also enables our clients to make informed decisions and to capture opportunities to de-risk as and when they arise. “The efficient implementation of an appropriate funding and investment strategy relies on this integrated approach. Without it, trustees are either working with out of date or approximate information, or are having to incur costs of additional actuarial work whenever liability information is needed. The Trustees of the Hayman Scheme were keen to utilise the benefits that up to date technology can bring, so they can focus on achieving outcomes for the scheme that are in the best interest of their members.”
Christopher Hayman – Trustee of the Hayman Retirement Benefit Scheme added: “The ability to adapt quickly to funding changes in the scheme is an important requirement for us, as we continue to work closely towards our funding goal. A quality administration service, combined with live actuarial information, was a major factor in the decision to appoint Spence. Spence’s approach to setting a coherent strategy based on a clear understanding of the circumstances of the employer and regular monitoring was attractive to the Trustee board.”