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Hayman appoints Spence & Partners for DB Scheme

30 April 2015

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Spence & Partners announced their appointment by the Hayman Limited Retirement Benefits Scheme for their fully integrated DB scheme management service.

Spence uses integrated technology to achieve the best outcomes for its clients.

Gillian Lister, consultant at Spence, said: "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."

She went on to add that 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"Without it, trustees are either working with out of date or approximate information, or are having to incur costs of additional actuarial work whenever liability information is needed," she said.

The Trustees of the Hayman Scheme wanted to utilise the benefits that up to date technology can bring, to 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 said: "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, whose approach to setting a coherent strategy based on a clear understanding of the circumstances of the employer and regular monitoring was attractive."

Wealth management and employee benefits group Mattioli Woods plc, has been advising the trustees since 2009 and recommended the appointment of Spence.

James Bolton of Mattioli Woods, who managed the appointment process, said: "Data and information quality are absolutely key for companies and trustees looking to get a real handle on the funding position of the scheme."

First published 30.04.2015

Lindsay.sharman@wilmingtonplc.com