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 pensions world continues to be dominated by the impact of the Covid-19 pandemic, with the Regulator publishing more guidance for employers, the FCA delaying the implementation of its drawdown investment pathways and two household name companies deferring (or missing) their deficit recovery contributions.
Over the autumn of 2019, BAC conducted an extensive survey of the actions which companies are taking to manage their defined benefit (DB) and defined contribution (DC) pension arrangements.
2019 marked 50 years since Neil Armstrong walked on the moon and this was obviously on the Queen’s mind in her Christmas message as she talked about a bumpy year but one with small steps of progress as well. In terms of pensions, it also felt like a year of small steps and occasional bumps. In this quarter’s Arena, we take a positive look back at 2019, as well as looking forward to some expected pension developments over 2020.
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.
As DB liabilities have become legacy issues to be managed, governance has become the umbrella term for a broad range of risk management tools. In this publication, we look at the DB governance solutions we have helped our clients to implement.