Workplace pension management committees

Ensuring your workplace pension is well run brings many benefits, including better value for money, improved employee appreciation and understanding, and more efficient administration.

Many employers choose to set up a pensions management committee to oversee their workplace pension scheme (such as a group personal pension) and help pension members achieve a good outcome from the pension plan. The Pensions Regulator recognises that one good way to make sure your pensions governance committee is effective is to use the knowledge and experience of pension trustees.

An easy way to access this expertise is to work with a professional independent trustee from PSGS.

Services for workplace pension management committees

Our workplace pension scheme services are designed to make sure your pensions committee is focused and effective, that committee members are well trained and that, together, they have the skills and knowledge needed to properly manage your pension scheme for the benefit of members.

Our services include:

• establishing or reviewing your pension scheme governance committee - looking at terms of reference, balance of membership, operational effectiveness, management information reporting & analysis
• acting as pensions management committee chair - whether analysing pension investments or the effectiveness of member communications, your committee can share and learn from our recognised expertise
• committee member training - we have worked alongside the Trustee and Pension Management Association (TPMA), a company that specialises in adult education, since it was established in 1995 to deliver tailored pensions training for individuals and groups
• investment performance monitoring - our unique reporting has been specifically developed for workplace pensions in conjunction with CAMRADATA, the specialist pension investment data and analytics firm
• member communication reviews - with years of experience of explaining defined contribution (DC) pensions and the decisions DC members need to take and in-house pensions communications expertise, we have specific knowledge and a unique insight into how to make member communications effective

As well as being completely independent, balancing the needs of employers and pension scheme members is in our DNA - it is part of our day job. Our professional pension secretaries provide guidance and support with all pension management committee operations, from agenda setting and minute taking to establishing and monitoring pension scheme risks. Our in-depth understanding of pensions regulation means you and your pension governance committee don’t need to keep turning to a third party adviser for assistance.

To find out more about how we can help your workplace pension governance committee be truly effective, please contact us to talk it through.