Hymans Robertson scheme actuary of BAE Systems

04 August 2015 Consultancy.uk

The Trustee Boards of the BAE Systems Group Pensions Schemes (BAE Systems) have appointed Hymans Robertson to provide scheme actuary services across all of its pension schemes. The seven schemes, which collectively hold around £21 billion of defined benefit (DB) assets under management, have over 200,000 members.

BAE Systems is an international company engaged in the development, delivery, and support of advanced defence and aerospace systems in the air, on land, at sea, and in space. The company designs, manufactures, and supports military aircraft, surface ships, submarines, radar, avionics, communications, electronics, and guided weapon systems. 

BAE Systems - Built by Inspiration

In line with the company’s ambition to boost the efficiency and management quality of its pensions schemes, BAE Systems recently held a competitive tender process to find a new, preferred scheme actuary. “In the interests of good governance, we put the schemes out to tender with the objective of hiring one firm to provide scheme actuary services to enable a more joined up approach. We were looking for a pragmatic, collaborative team to work across the individual schemes, with proven expertise and innovation in services, grounded by robust project management skills,” comments Nigel Tinsley, Pensions Director at BAE Systems.

Out of the six firms that were initially involved, BAE Systems at the end of the line picked the services of Hymans Robertson, one of the largest independent actuarial firms in the UK. Tinsley on the rationale behind the decision: “Hymans Robertson’s approach is in complete alignment with our objectives. We had first-hand experience of how they worked through two of our schemes and are confident they will be able to deliver a consistent approach across the relationship with all of them. The firm also demonstrated strong project management credentials and put forward a team that showed the necessary strength, depth and breadth to service the needs of our wide-range of schemes.”

Ronnie Bowie and Susan McIlvogue

“We’re delighted not only to have retained, but also to have grown the relationship with the trustees of the BAE Systems group of pension schemes. We look forward to helping the trustees deliver their pensions promises to members in a risk-controlled and cost effective framework,” says Ronnie Bowie, Senior Partner at Hymans Robertson. Susan McIlvogue will serve as the Client Relationship Actuary, sitting across all schemes, steering a joined-up team. She will actively facilitate collaboration between the underlying scheme actuaries, who have been appointed by each of the individual schemes from within Hymans Robertson.

Bowie concludes: “Building on the strong foundations and hard work already carried out by BAE Systems’ team of in-house experts, we’ll proactively build a collaborative and transparent working environment, generating trust and consensus across the schemes and with the company and other stakeholders.”

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RSM sells controversial UK wealth manager out of administration

26 March 2019 Consultancy.uk

RSM has overseen the sale of UK financial advisory firm Mount Sterling Wealth out of administration. The company had fallen into insolvency earlier in March, but has been purchased by Quilter Private Client Advisers for an undisclosed fee.

Mount Sterling Wealth is a York-based financial advisory firm, offering financial planning and wealth management services to clients from offices in Mayfair and North Yorkshire. Founded in 2010, the firm has endured an acrimonious relationship with the UK’s businesses community, having been formed by Scott Robinson to move his clients from an old firm, after being sued for advising on investments which failed and were not covered by professional indemnity insurance.

Robinson was allowed to continue working as a financial adviser by the Financial Conduct Authority (FCA), despite being ruled against in court and avoiding further legal action after liquidating his company. The controversial decision of the regulator caused Conservative MP Kevin Hollinrake to state the FCA needed "to take a long, hard look at itself" for allowing Robinson to continue trading.

RSM sells controversial UK wealth manager out of administration

That comment was prompted by the case of Hollinkrake’s Thirsk and Malton constituent, Andy Mohun-Smith, who according to the Yorkshire Post, lost £2 million after trusting Robinson (one of Mount Sterling Wealth’s two Directors alongside David McLaughlin). Mohun-Smith also claimed the saga had a “devastating” impact on his life and health, with the stress involved “undoubtedly a major factor” in the break-up of his marriage.

As a result of the chequered history of one of its Directors, there was little sympathy expressed for Robinson’s firm when it fell into administration in March 2019. Mount Sterling Wealth was placed into administration following historic financing issues, appointing Jamie Miller and Gareth Harris of RSM as joint administrators to oversee the sale of its assets. The York-based firm had around £100 million in assets under administration.

Mount Sterling Wealth has since been sold out of administration, in a deal that preserves both jobs and the continuity of service for its clients. The financial planning and wealth management practice was sold to Quilter Private Client Advisers for an undisclosed fee.

Jamie Miller, RSM restructuring advisory partner and joint administrator, said: "I’m pleased to confirm that the deal preserves all jobs, ensures continuity of service for the company’s large portfolio of private clients and business owners and should result in significant returns for both secured and unsecured creditors which is an excellent result in the circumstances."

Commenting on the acquisition, Dominic Rose, Strategy and Acquisitions Director at Quilter PCA, said, “Mount Sterling Wealth was placed into administration following some historic financing issues. RSM was appointed joint administrators and the business was then sold to Quilter Private Client Advisers. Mount Sterling Wealth’s portfolio of clients will now be serviced by Quilter PCA’s by London, Chester and Shipley offices ensuring continuity of service. In addition, one adviser will join Quilter PCA.”