Cheviot, a multi-employer pension trust offering both defined benefit (DB) and defined contribution (DC) schemes, has introduced a new operational and investment model in response to increasing regulatory demands, rising costs, and the need to simplify scheme management.
Spence & Partners has been appointed as the administrator for all Cheviot schemes, while Van Lanschot Kempen was appointed as fiduciary manager last year for their investment and sustainability expertise.
The new model incorporates Spence’s Mantle technology, providing schemes with real-time access to funding data, streamlined reporting, and a more efficient decision-making process, and is intended to reduce the workload on trustees and sponsoring employers.
It supports a range of options, including buy-in, buy-out, continued scheme management, and flexible governance arrangements. It’s designed to work for schemes of any size, particularly those looking to consolidate or move away from underperforming administrators, without adding pressure to internal resources.
Cheviot Trustees chief executive officer and co-opted director Elspeth McKinnon says: “Our new model gives schemes access to an efficient and specialist pensions arrangement that provides an end to end solution for all aspects of pension delivery. We achieve this by leveraging scale, high quality governance and appointing award-winning partners for Investment and Administration. Our approach reduces risk and costs and takes governance off the table, whilst delivering on a scheme’s long term scheme objectives.”
Spence & Partners managing director Alan Collins says: “We are thrilled to be appointed as pensions administration provider for the Cheviot Trust and to welcome their staff that will be joining us. As an authorised Master Trust with defined contribution and defined benefit sections, Cheviot has ambitious growth plans in the operational consolidation market that we are excited to be supporting. At Spence, we have developed a smarter approach that re-imagines how pensions are delivered leveraging the unique Mantle® technology that we use to provide the Cheviot Trust’s members a highly digitised service across their DB and DC pension savings, whilst also making liability cashflows and data available to the Trust’s other advisers.”
Van Lanschot Kempen executive director Arif Saad says: “Van Lanschot Kempen is excited to partner with Cheviot Trust and Spence & Partners to offer integrated investment, administration and governance services. This collaboration with an authorised DB and DC master trust has the ambition to offer members, trustees and sponsoring employers market leading services. Van Lanschot Kempen with its longstanding track record in fiduciary management and sustainability credentials is the investment engine for this innovative offering.”
