Page 2 - Kennel Club Case Study
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                  The outcome
No deficit to fund
First Actuarial made a sensible measurement of the liabilities, and the Trustees were reassured that there were more than sufficient assets to pay members’ pensions. This resulted in an overall reduction in Employer contributions.
First Actuarial completed the valuation in almost half the time that previous valuations had taken, avoiding the stress and regulatory risk of getting too close to the statutory deadline.
As a result, the Trustees spent considerably less time in meetings during the valuation process, and
having completed – months in advance of the deadline – could shift their attention to other impor tant areas of the Scheme.
“The valuation went extremely well,” says Michael. “First Actuarial were clear and helpful.”
Fair fees and no deficit contributions
 An efficiently-run Scheme valuation
“They’re extremely professional and helpful. Their input always seems sound, logical and well presented. First Actuarial handled the transition well, they provide us with helpful guidance, and have delivered what they promised when they pitched for the work.”
Michael Townsend, Chair of the
Pension Fund Trustees
Reassurance on the Trustees’ investment approach
First Actuarial were supportive of the Kennel Club’s preference for an equity- based strategy. They made sure that the Trustees were aware of the risks, and saw that the Kennel Club’s strong balance sheet put the Employer in a good position to address any future funding gaps.
First Actuarial put a plan together to help them manage their liabilities, rather
than recommend a cautious, high-cost investment strategy, which was not what the Trustees wanted. “We appreciated that,” says Michael. “It gave us peace of mind. Investing in equities is not uncommon, and we believe that we’re matching our long-term liabilities with long-term investments.”
A good quality pension administrator
The Kennel Club Trustees have experienced a real positive change, with First Actuarial providing ongoing pension services.
“We have a great relationship with First Actuarial,” says Michael.
Fair on fees
Their previous providers had regularly invoiced additional charges that had not been agreed. First Actuarial has adhered to its fixed fee, and any extra costs have been notified in advance.
“I don’t feel that First Actuarial push the fee issue,” says Michael. “When we
“They keep us updated on the latest developments in pensions and legislation. And they give us guidance in a range of areas. They’re really good and they make us think.”
say we want to explore a certain area, their first reaction isn’t to put one of their own people forward and propose an extra charge. They don’t do that – they’re fair, they’re prompt, and they offer good breadth of guidance.”
“The surplus was great news for us as Trustees,” says Michael. “It says that the pension scheme is fully funded for its existing obligations. It’s also very good for the Employer, the Kennel Club, which doesn’t have to fund a deficit.”
Regulated in the UK by the Institute and Faculty of Actuaries in respect of a range of investment business activities. First Actuarial LLP is a limited liability partnership registered in England & Wales. Number OC348086.
Registered address: First Actuarial LLP, Mayesbrook House, Lawnswood Business Park, Leeds, LS16 6QY.

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