“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.”
“Wish I'd had the opportunity to do the Trustee training course sooner! ”
“Very professional and engaged service.”
“So much more proactive than the previous company. On the ball - thinking in advance of things needing doing - very proactive.”
“The work that has been done has been delivered beyond expectations.”
“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. ”
Well, it does all feel a little déjà vu doesn’t it?
While Boris and Brussels are having a ding dong (or not as the case may be), the unfortunate truth is pension trustees do need think about Brexit. The stakes seem to be getting higher and pension scheme secretaries should suggest key points to consider are added to the agenda for the next trustees’ meeting – many of which will fall in the September/October window.
I’ve also suggested adding Brexit wording into the Chair’s message on member newsletters and flagging issues to the Chair or governance committee, as we definitely need to ramp up the risk register. This is actually a great opportunity to test how well your pension scheme’s risk management process is working in practice.
Earlier this year, the Pensions Regulator released some support information on how to prepare your scheme for Brexit and the Pensions and Lifetime Savings Association launched its pension trustee’s Brexit to do list. They were issued before ‘no deal’ became a more likely outcome, which pension trustees will definitely need to keep in mind when considering the issues raised.
For me, the top three points all pension trustee boards should be considering are:
There may, of course, also be very specific issues to your pension scheme. Perhaps you have a significant group of pensioners or deferred members living in the EU. Maybe your scheme administration will be affected. Don’t let these issues pass you by as they may come back with a bite.
Although we’re all a bit bored of it, I’m afraid to say we do need to think about Brexit. It’s for our pension scheme members after all.
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