Client feedback


The Trustee training was very interactive and the presenters were engaging - thank you.
Nick Marsh,
Comet Pension Scheme
​I enjoy working with PSGS and we have a very positive relationship. I was new to pensions and found them very helpful.
Bruce Allison,
RTUK
Ever increasing regulation has placed a heavy burden on trustees both in terms of time and the risk of non-compliance. PSGS has the experience and the resources to help trustees manage these burdens.
Mark Atkinson,
Partner at CMS Cameron McKenna
They deliver above expectation when the scheme has a particular challenge.
Ian Edwards,
Comet
They have helped us save much more and created a cohesive plan to de-risk whilst building an integrated pension team.
Sally-Anne Borrill,
T-Systems
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.
Claire Silvester,
Vector Aerospace
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Pensions risk management

Understanding and managing risk is an integral part of running a scheme and achieving good pension scheme governance.


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
2. investment
3. funding

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:

  • Do the trustees fully understand the risks faced by the scheme and the interaction between those risks?
  • Are the trustees comfortable with the level of risk being taken?
  • If any risk is excessive, have the trustees considered what action could be taken to reduce the risk?
  • Is there a framework in place to monitor investment, employer covenant and funding risks?
  • What would happen in the event of a significant change in investment returns, employer covenant or funding level? Is there a strategy in place to take mitigation actions?
Pension scheme risk reviews

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:

  • tests the adequacy of your internal controls
  • checks the effectiveness of scheme policies
  • assesses the accuracy, efficiency and compliance of pension scheme management procedures, such as key administration tasks and your trustee discretion process
  • helps you better understand the full range of pension scheme risks and develop an integrated risk management framework

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:

  • Essential: an ideal initial, high level assessment, or regular review within a formal governance framework
  • Advanced: a more in-depth review, either to give an extra layer of confidence or because there may be an issue that needs attention

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.

Speak direct to our specialist in this area

Picture of Clare Owen independent trustee at PSIT

Clare Owen

Director of Outsourced Pension Services

Or call us on:

0845 313 0024

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