Trustee secretarial support
We have an experienced team of pension professionals who provide ad-hoc or regular support to trustee boards for day-to-day management of trustee meetings and associated actions. This can be merely a short term supplement to an in-house team or a fully out-sourced role.
The pensions manager of a UK company was elected as a member-nominated trustee of the company’s DB scheme. Although they had previously acted as Trustee secretary and taken the minutes of meetings, that was no longer appropriate now they were a trustee. We were brought in to help draft the agenda, produce the meeting packs, attend trustee meetings and draft the minutes and the actions list which flowed out of those meetings. The company also had 2 DC arrangements, so we consolidated the actions list for those two plans with the DB scheme’s actions list and produced an overall work planner. Our current role is to monitor progress and delivery of all the actions on the planner through to completion, with regular calls with the pensions manager.
In the news this week, the Regulator confirms there are 37 authorised master trusts, the DWP consults on simpler annual benefit statements for DC arrangements, the ACA urges tax simplification and university staff are set to strike again.
Despite the very different circumstances facing individual companies, bac‘s autumn 2019 survey reveals a surprisingly consistent picture of the actions which companies are finding most attractive to manage their DB and DC pension arrangements.
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As pension trustees and sponsors get serious about good governance, a key question is whether technology can play a meaningful role or is simply an expensive addition that looks good but adds little value?
In this Pensions Perspective, Andrew Udale-Smith looks first at the different types of adviser review and when and how they might best be used. Then he focuses on how to design a smooth and efficient process for a full market tender.