“Very professional and engaged service.”
“In any major corporate transaction, time is of the essence. PSGS's pragmatic commercial approach helped us manage the pensions aspects of our group re-structure to ensure a positive outcome for all parties. ”
“Many organisations and people provide the services that clients need. In my opinion, the differentiator is in the way those services are provided and to that extent, Kathy embodies the qualities that I have come to value from PSITL. Kathy is organised but not fussy; diligent but not dogmatic; persistent without being pushy and compliant in a pragmatic way. Whilst she takes ownership and drives issues forward, Kathy is a team player who uses her and her colleagues experience to provide services to her trustee client whilst working closely with those like me representing the sponsoring employer. She works collaboratively with advisers but constructively challenges the scope of services, fees and service standards whenever necessary and makes sure that member needs are always taken into account. I enjoy working with her and trust that she will deliver what is required by the trustee and the members they represent in a manner satisfactory to the sponsoring employer. ”
“I wanted to look at the effectiveness of our trustee board, so Gillian, our PSGS scheme secretary, provided their trustee self-assessment tool to help me gather thoughts and opinions from others on the board. The tool was extremely easy to use and asked all the right questions to help me collect the information I needed as Trustee Chair. It is a great example of the way PSGS shares knowledge with their clients and makes dealing with key governance issues easy. As well as enabling me to meet one of the Regulator’s 21st century trusteeship requirements, using the tool has flagged trustee training needs and ways we could improve trustee meetings further. ”
“Excellent service - as expected and why PSGS was chosen.”
“I found the trustee training really beneficial, highly recommended. I am not a trustee, I represent the employer and I think it will be valuable for me in future, having a better understanding of the trustees' perspective.”
The decision on a fiduciary manager is important – don’t make it lightly. Unwinding it can be difficult and expensive.
PSGS is a knowledge leader and can run tenders for fiduciary management mandates for pension trustee boards (whether or not we are appointed as professional trustee or scheme secretary). Our professional trustees can provide the robust dialogue and challenge needed with consultants and providers in the fiduciary manager market.
We have many independent trustee appointments where we have fiduciary managers in place and many where we have the traditional consulting model. We can help pension trustees understand what is right for them. We have no fixed view either way – what’s key is we share our knowledge to help trustees make the right choice for them.
Fiduciary management is a complex area with several different types of provider with varying strengths and weaknesses. Without expert knowledge, ensuring you’re buying what you think you’re buying can be hard.
The issue: we were appointed to a new client and attended our first pension trustee meeting that same day. The trustees had taken investment advice and were about to act on this advice and implement a revised strategy.
During the discussion on this agenda item, it became clear the advice the trustees had received (and were about to implement) didn’t match what they were actually looking for.
The result: although it was our first meeting, we were able to support the trustees in re-examining the decision. By explaining the difference between what it is they understood they were getting (full fiduciary management) and what they would be getting if they went ahead as planned. We then helped the board select a new investment adviser and progress to implement an appropriate solution shortly thereafter.
PSGS’ independent team help pension trustees work through all the areas that need to be considered, for example:
Following a CMA investigation, pension trustees are required to put fiduciary mandates out to tender if:
We also offer specialist trustee training on fiduciary management and other areas of pension scheme investment.
To find out more about how PSGS can help you with your new fiduciary manager selection process or meet the requirements for a competitive market test of an existing fiduciary mandate, contact us online or call 0845 313 0024.
What independent trustees think of the CMA review
Are you sure you know what you’re buying?
Fiduciary management - expert knowledge really does help
Unconflicted, specialist procurement for pension trustees
Fiduciary manager selection