Spence & Partners Actuaries and Consultants has been appointed by the Pension Protection Fund (PPF) as members to a new Actuarial Panel.
The panel consists of five actuarial firms chosen by the PPF who over the next two years will assist in carrying out Section 143 valuations for those pension schemes going through the PPF assessment period.
Brian Spence, Managing Director of Spence & Partners said “Spence & Partners is delighted to play an instrumental role in meeting the PPF’s objective of bringing certainty to transferring scheme members as soon as possible. Experienced and professional actuaries dedicated to this process ensure member benefits are secured with the PPF quickly and accurately alleviating any undue stress to the members.”
Spence & Partners will continue the work of a pilot project carried out at the beginning of the year which completed 50 successful scheme transfers into the PPF. This pilot showed that by using an actuary with specialist experience and expertise, savings could be made while a consistently high quality process is achieved.
A specialist in Scheme Termination projects, Spence & Partners has already worked closely with the PPF successfully project-managing the assessment period for trustees of transferring pension schemes, including the completion of S143 valuations.
Brian Spence added, “Our relationship with the PPF continues to develop, and being part of the panel allows Spence & Partners to contribute significantly to the PPF’s continuous improvement.”
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