“In any major corporate transaction, time is of the essence. PSGS' pragmatic commercial approach helped us manage the pensions aspects of our group re-structure to ensure a positive outcome for all parties. ”
“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.”
“They have helped us save much more and created a cohesive plan to de-risk whilst building an integrated pension team.”
“Very professional and engaged service.”
“Where PSGS are appointed to act in conjunction with an existing body of trustees, we have found that they are quickly able to fit in well and gain the trust and respect of their co-trustees. ”
“So much more proactive than the previous company. On the ball - thinking in advance of things needing doing - very proactive.”
I keep being asked what my role within PSIT actually is and what I actually do. It has made me question whether people in the pensions world - including many pension trustees - really understand what a difference a professional trustee secretary could make to their board.
People assume we are simply a ‘secretary’, but the Secretary to the Trustee role is a lot more than just making meeting arrangements and taking minutes. We have a specific role on the pension trustee board and are a point of contact for all third parties including advisers, the Pensions Regulator, the sponsoring employer and pension scheme members.
Trustee secretaries work on a variety of pension schemes and experience different issues on a daily basis. If you have an issue or concern to resolve, we’ve probably seen it before! We work on behalf of pension trustees to ensure they meet governance requirements and are compliant with the never ending list of regulations. This is especially important given that the Pensions Regulator is focusing on the quality of trusteeship, governance and the implementation of GDPR.
So, for all those who want to know more, here is a typical day in my working life...
Handled lots of emails on all sorts of issues.
09:30 - Conference call with a pension trustee board and its advisers to discuss an employer covenant report and the detrimental effect a corporate transaction might have on the scheme’s employer covenant.
10:45 - Arranging for an annual report and accounts to be signed on behalf of a trustee board.
11.00 - Drafting a pension member newsletter for review and agreement by the trustees.
13:00 - Reviewing and formulating a recommendation to the pension trustees for a recent death in deferment case.
14:30 - Preparing for a trustees’ meeting the following day.
15.45 - Requesting details of a scheme sponsor’s financial performance in advance of a trustees’ meeting the following week.
16:15 - Liaising with the sponsoring employer’s accounts department to arrange payment of adviser invoices.
16:30 - Reporting changes to a pension trustee board structure on Companies House.
17:30 – Sign off and run for the train home that I’m about to miss!