Pension scheme governance

Effective pension scheme governance is a necessity for any well-run trust or contract based pension scheme and is an area the Pensions Regulator scrutinises closely.

It can be difficult to keep up to date with the multitude of legislative requirements and regulatory guidance associated with running your company pension scheme - let alone to be sure you are fully compliant.

Whether you have a defined benefit (DB) or defined contribution (DC) pension plan, our extensive experience of pension scheme management means we can help you:

• identify all the pension scheme governance requirements you need to meet
• introduce or improve practical measures to meet those pension governance requirements
• create a framework for monitoring and managing pension scheme governance going forward

Our pension scheme governance services are available to all pension trustees and employers, whether or not we are appointed as independent trustee to your pension scheme or pension secretary to your scheme trustees.

PSGS’s pensions governance services include:

• advice on understanding pension scheme governance requirements and helping to set a strategy for your scheme
• creating and maintaining an integrated funding and risk management plan for your defined benefit (DB) scheme
• formal internal controls and pension scheme risk reviews, covering all the areas highlighted in the Pension Regulator’s internal controls and risk management code of practice
• workplace pensions governance services for employers and for pension providers
• assistance for pension trustees in the formulation of policies on conflicts of interest, internal disputes procedures etc

Specific specialist PSGS services to support the delivery of your pension scheme governance strategy include:

• creation of easy to use pension scheme risk registers
• independent review, benchmarking and selection of scheme advisers, including scheme actuarial service providers and third party administrators
• review of to ensure they are effective and reflect the Regulator’s best practice guidelines
• production and monitoring of scheme budgets, including invoice review, resolution and authorisation

If you would like to find out more about how we can help you make sure your pension scheme governance is effective, why not contact us?