Punter Southall has teamed up with PensionsFirst to automate the production of actuarial valuations and cut costs for schemes.
The consultant has adopted PensionsFirst's PFaroe pension liability and risk management software in a move it says will also demystify the actuarial process and shift the role of actuaries from "gate keeper to guide".
The software will allow schemes to update actuarial valuations quarterly and give trustees easy access to up-to-date figures.
Punter Southall chief executive John Batting said this will allow trustees and sponsors to focus more on agreeing funding plans when triennial valuations come round.
He said: "PFaroe is intuitive, in-depth and, judging by the research we've carried out, in demand. Our firm belief is that the best outcomes are achieved by employers and trustees working closely together, and using PFaroe to give both parties access to the same information will greatly enhance that cooperation".
The software has been taken up by several larger schemes including the National Grid, Babcock and Daily Mail and General Trust, and Batting said the partnership would open it up to a wider range of firms.
It will be offered to all Punter Southall's existing and prospective clients across its 11 offices throughout the UK.
PensionsFirst chairman David Norgrove (pictured) said: "Most schemes have information that is much too limited and out of date for the scale of the risks being managed, as I know from chairing a scheme and my time at the Pensions Regulator."
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