Punter Southall has adopted PensionsFirst pension liability and risk management software to automate actuarial valuations for its pension scheme clients.
Making the announcement today, the consultancy said using the PFaroe technology in the core operations of its actuarial and benefit consulting business would 'demystify' the actuarial process by offering clients more 'frequent, transparent and accessible' valuations.
The company believes the 'user-friendly' analytics and 'up-to-the-minute' information will enable greater collaboration between employers and trustees to improve management of pension liabilities.
PFaroe is already being used by pension schemes such as National Grid, Babcock, Daily Mail & General Trust, Invensys and Trinity Mirror. Today's announcement means it will be offered to all Punter Southall's existing and prospective clients nationwide.
Punter Southall's chief executive, John Batting, said the use of the software could signal a chance in the actuary's role in the institutional pensions industry, from 'gatekeeper to guide'.
'Analytics and up-to-date information have always played a significant role in the successful management of DB pension plans but it is now more important than ever in a complex and challenging economic environment.
'Traditionally, valuations have their own methods and mystique. What this technology does is to present a clear and transparent picture for everyone to see.
According to Mr Batting, the software will save the company's clients money. It will also 'great enhance' the cooperation between trustees and employers by giving them access to the same information, he said.
David Norgrove, chairman of PensionsFirst, said PFaroe addressed medium and large schemes' need for frequent, deep and rigorous management information by giving them access to 'critical data' and allowing them to analyse a range of risk and liability scenarios.
'Punter Southall will be opening up for its clients the opportunity for a more useful, complete and accurate understanding of their schemes than they have ever had before,' he added.