Leading actuarial and administration firm, Spence & Partners Limited, has been appointed by the Pension Protection Fund (PPF) to its new administration services panel.
Through the appointment, Spence will provide specialist pension administration services to the trustees of schemes which are in the assessment process for both the PPF and the Financial Assistance Scheme (FAS). Along with the other seven panel members, the firm’s remit is to ‘significantly contribute to the effort to increase the number of schemes that transfer to the PPF within a given period, whilst delivering an excellent customer experience’.
Key aspects of the brief will include collection and analysis of data, review of quality standards on existing work, reporting progress of allocated work to the PPF and other stakeholders and ongoing liaison and communication with trustees, incumbent scheme administrators, advisers and the PPF to ensure that all required activities are completed to a high standard and within agreed timescales and budgets.
CEO Brian Spence said: “This appointment recognises the high standard of work we have delivered to the PPF and FAS in the past and the great reputation we have within this market. The appointment presents significant opportunities for the firm as any scheme that enters, or is currently in, a PPF assessment or FAS wind-up period will be considered for allocation to the panel.”
The contract will be awarded for an initial two-year term with an option for the PPF to extend for two further one year periods.
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