Hayman Group has improved its defined benefit pension (DB) scheme administration to help the firm adapt to funding changes.
The distiller’s Hayman Limited Retirement Benefits Scheme will implement new technology, provided by pensions actuarial firm Spence and Partners, to use live administration data to calculate actuarial results to help develop its scheme’s funding strategy.
It aims to drive greater efficiencies, to help the firm make informed decisions and to capture opportunities to de-risk as and when they arise.
The trustees of the Hayman scheme were keen to utilise the benefits of technology, in order to focus on achieving outcomes for the scheme that are in members’ best interests.
Wealth management and employee benefits group Mattioli Woods advised on the appointment and has been advising the trustees of the scheme since 2009.
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.
“The 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.”