“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.”
“Ian has added more value than we thought he would at the start… which shows it pays to go with someone who is doing the job of a professional trustee as their bread and butter.”
“PSGS offered the right support at very short notice, at reasonable cost, when we really needed it”
“PSGS was chosen because of their knowledge of the subject and awareness of our particular schemes.”
“Their pragmatic approach helps with quick and easy decision making. Another approach might have made things more difficult.”
“They are very proactive and full of new ideas, they've brought better scheduling and better minute sets.”
The Pensions Regulator’s (tPR) code of practice for funding defined benefit (DB) schemes focuses on pension trustees adopting an integrated approach to three key areas of risk:
1. the employer covenant
These three risk areas interact so each must be identified and assessed before pension trustees can make informed decisions on key pensions management issues such as setting scheme investment and funding strategies. These risks should then be monitored using a risk management framework proportionate to the size of scheme and budget available.
Pension scheme risk management is not simply a case of protecting against negative events - monitoring investment and funding risks enables pension trustees to plan de-risking strategies. In future, pension fund trustees may need to move away from using a single risk register - having a clearer distinction between operational and strategic risks may be beneficial.
To assess whether there are any gaps in your pension trustees’ risk management planning, ask yourself:
An independent review helps demonstrate the importance you place on good pension scheme governance and compliance, as well as helping ensure you are meeting legal requirements and reflecting best practice guidance.
The Punter Southall Governance Services risk review:
Like all PSGS’s pension scheme services, our risk review is tailored to suit the size and complexity of your scheme and your particular requirements, but can be based on one of our core review packages:
To find out more about our pension scheme risk reviews and how they might benefit your scheme, contact us to talk it through or request our risk review service flyer.
Read PSGS’ de-risking survey results
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