Phil Sargent joins First Actuarial as DB lead

First Actuarial has announced a senior promotion in its defined benefit consulting team. Phil Sergent will head up the division as the actuarial sector faces a number of governance changes in 2024.

Speaking on his appointment, Sargent commented, “My new role aligns closely with the new general code of practice. I see the general code as a clear regulatory signal that governance must be front and centre of scheme trusteeship. As well as consolidating existing codes of practice, it also introduces layers of new requirements.” 

Head of defined benefit consulting is a new role at First Actuarial, and reflects the growing governance responsibilities of scheme trustees who look for support from the firm. The role is designed to help the firm strengthen its governance and secretarial services across all the firm’s offices. In particular, this is in response to the Pensions Regulator’s new general code of practice reinforces.

Sargent added, “The Pensions Regulator is positioning governance as a foundation layer for scheme activities. I see the value of that, but the general code is only the latest in a constant flow of new requirements for trustees to get to grips with. It will create extra work for every scheme, even those with the best governance frameworks in place. Trustees are bound to feel the burden and financial cost of the extra responsibilities.” 

Prior to joining First Actuarial nine years ago, Sargent accrued more than two decades of experience of pension scheme consultancy and governance work, in a career which has also included substantial periods at JLT, and Alexander Forbes Consultants & Actuaries. Throughout this, he has focused his attention on the needs of small- and medium-sized schemes – something which will continue now. 

He noted, “I’m particularly concerned about how small schemes will fare under the general code. Many of them will have to comply with onerous requirements, such as demonstrating they have an Effective System of Governance and an Own Risk Assessment, because the threshold of 100 members is so low. The challenge will be to carry out each duty efficiently but meaningfully, and not turn it into a tick-box exercise.” 

Looking ahead, Sargent aims to bolster the firm’s consulting and secretarial governance practice – having previously also played an instrumental role in developing First Actuarial’s Client Hub, which offers strong governance capabilities. He will draw on that experience to develop more services and tools to support trustees in their governance activities. 

He concluded, on his work, “In the first instance, our team of secretaries and consultants need to help our clients understand what the general code means for their scheme. We’ll help trustees break down the requirements and meet them as cost-effectively as possible. Beyond that, I want us to lift as much weight off trustees’ shoulders as possible to help them channel more time and energy into scheme-critical areas like funding, investment and long-term strategies. That will be a key objective for our DB consulting teams.”