“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.”
“PSGS offered the right support at very short notice, at reasonable cost, when we really needed it”
“In my experience, not all professional trustees are able to cope with tricky or potentially confrontational situations. I find PSGS has massive experience in getting involved, earning the respect of others and resolving such issues. They get stuck in – they are a first rate team.”
“It’s a pleasure working with key members of the PSGS team: their experience and leadership means that they know how to get the job done, working in partnership with fellow trustees, employers and advisers to achieve the best result for members.”
“I enjoy working with PSGS and we have a very positive relationship. I was new to pensions and found them very helpful.”
“I would recommend them to anyone - I have dealt with a number of other independent trustee firms and would rate PSGS as the best. We are very happy with Mark and the service we get.”
One of my pension scheme clients was recently advised by their administrator of an error that had occurred with the issuing of payslips. This could easily affect any pension trustee board and it is important - it directly relates to data security.
How sure can you be?
It was only when they heard about this problem that the pension trustees became aware that the scheme administrator outsourced the issuing of payslips. The trustees also realised they could not be certain whether any of their scheme advisers used other providers in delivering services to the pension scheme.
With no direct agreement in place, trustees may not be aware of what information is going to external companies and have no knowledge of their processes and security protections. In this case, the trustee board agreed they needed to have a better understanding of all the providers being used.
It started with a slip…
The issue that started this was a straightforward administrative error. The payslip for a member of pension scheme A was inserted into the envelope of a member of pension scheme B, together with that individual’s own payslip. In theory, this shouldn’t have been able to happen as they are members of different schemes. In practice, it did happen.
There was no data security breach for my client - scheme B - it just raised the question of who handles data that the pension trustees are unaware of. The trustees have asked the administrator (and their other scheme advisers) to draft a schedule detailing who they provide data to and why so they can collate a complete list and fully understand where services are outsourced and/or where data is provided to other parties.
Of course, we advised the trustees of scheme A about what had happened. For them, the data breach could be much more serious.