“In any major corporate transaction, time is of the essence. PSGS's pragmatic commercial approach helped us manage the pensions aspects of our group re-structure to ensure a positive outcome for all parties. ”
“These days, Boards need real expertise on tap (with excellent back-up) to cope with a constantly evolving and more regulated environment. PSGS is geared to delivering that.”
“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.”
“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. ”
“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.”
“The Trustee Training course is very good. Excellent coverage of material presented in an easy-to-digest manner and quality of presentation by both presenters. ”
I was with a client recently where we held a specific session at the end of the pension trustees’ meeting to discuss each of the scheme’s advisers. It immediately became apparent that common views were shared amongst the trustees. There were concerns that needed addressing.
The chairman then met with advisers who the pension trustees felt were either underperforming or not delivering value for money to talk about their service. As a result, adviser teams were changed and service shifted from reactive to proactive. The trustee chairman made it clear if service did not improve, a selection exercise would be conducted.
Look for simple, sensible solutions
I like this pragmatic approach. Have the conversations first; don’t jump straight into a full blown adviser review exercise.
For one of the advisers the trustees decided to see what advice the scheme actuary’s firm offered. By getting a trial report from the actuarial consultant, the trustees were able to compare the two approaches at their next meeting.
The session also highlighted how the relationship between the pension trustee board and the scheme sponsor could be improved. A standing agenda item was introduced to allow a representative of the company to attend, by phone if easier, to ensure they are always up to date with what is happening.
That single session at the end of a trustee meeting brought out issues that simply hadn’t come to light in the day-to-day running of the pension scheme. Why not take the time at your next trustee meeting to ask yourself a few simple questions:
Your independent trustee (if you have one) or trustee secretary can help with the answers.