Client feedback

The trustee training was a very well-paced overview which gave opportunity to explore ideas and question more deeply at key points.
Paul Coley,
The Altro Pension and Life Scheme
PSGS offered the right support at very short notice, at reasonable cost, when we really needed it
Ian Edwards,
Chair of Trustee, Comet Pension Scheme
​Ian has added more value than we thought he would at the start… which shows it pays to go with someone who is doing the job of a professional trustee as their bread and butter.
Katherine Cross,
Ann and her team are very knowledgeable and proactive, liaise well with our other advisers and provide the Trustees with an invaluable secretarial service.
Ian Edwards,
Chair of Trustees, Comet
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.
David Wilman,
CFO at Survitec Group
When requesting information by email, I have noticed that there is 'out of hours activity' to answer me. I regard this as a stand out 'above and beyond' - impressed.

DC Chairs’ statements – are you online?

Important new Regulations that came into force with effect from 6 April 2018 imposed new obligations on the trustees or managers of defined contribution (DC) occupational pension schemes to publish their annual Chair’s statement ‘free of charge on a publicly available website’.

This new disclosure requirement applies to ‘relevant schemes’ and within 7 months of the scheme’s first year-end falling on or after 6 April 2018. Therefore pension trustees and managers of DC occupational schemes (including DC master trusts) now need to publish their Chair’s statements on a website which can be freely accessed by scheme members and the public alike.

A key requirement is there should be no barriers such as a password to access the Chair’s statement. There are no exceptions for small DC schemes, or if you currently don’t have a scheme website – the Pensions Regulator (TPR) still expects the pension trustees or scheme managers to put the information on to the internet.

Are you compliant?

Not every DC pension scheme will have a website to enable them to do this easily. For those that don’t, complying with the regulations provides a challenge for the pension trustees and scheme managers. A breach of the regulations could lead to a fine being imposed by the Pensions Regulator. The minimum fine is £500 per breach, potentially rising to £2,000 per breach.

Help is at hand

We know pension scheme administrators and consultants are looking at solutions to help clients meet this new requirement but, as professional pension trustees, we are mindful any solution needs to represent appropriate value for money. It is likely that not all current solutions will pass this test or meet the regulations to be freely accessible.

Punter Southall Governance Services Ltd (PSGS) can help you comply with the obligation to publish the Chair’s statement online.

PSGS clients can host their Chair’s statement on our website. Each pension scheme’s page can include the company/scheme logo, as well as links to other documentation relevant to the scheme. There’s a small one-off fee, which includes ongoing hosting and minimal annual changes (like small wording changes and uploading updated documents). Easy compliance and value for money!

Don’t delay

We’d be happy to help other pension trustees/managers who need to comply too. Why risk being fined when a cost-effective solution is available to you to comply and make your Chair’s statement freely available online?

Contact us to find out more.



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