“I wanted to look at the effectiveness of our trustee board, so Gillian, our PSGS scheme secretary, provided their trustee self-assessment tool to help me gather thoughts and opinions from others on the board. The tool was extremely easy to use and asked all the right questions to help me collect the information I needed as Trustee Chair. It is a great example of the way PSGS shares knowledge with their clients and makes dealing with key governance issues easy. As well as enabling me to meet one of the Regulator’s 21st century trusteeship requirements, using the tool has flagged trustee training needs and ways we could improve trustee meetings further. ”
“I found the trustee training really beneficial, highly recommended. I am not a trustee, I represent the employer and I think it will be valuable for me in future, having a better understanding of the trustees' perspective.”
“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.”
“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.”
“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.”
“They deliver above expectation when the scheme has a particular challenge.”
...who now have yet another step to complete in the DB to DC transfer process!
Given that pension scams continue to be a major problem, and there are great efforts across the industry to combat this, it strikes me as extraordinary that the FCA should choose this time to remove all but senior managers from the FCA register, before replacing it with the planned new Directory. This is expected to be released sometime in 2020, but in the meantime the Pensions Regulator expects trustees to not only check that the IFA firm is on the FCA register but also contact the firm to ascertain that the adviser works for them. How tiresome!
Nevertheless as trustees are expected to do this, we need to check that our poor administrators are aware of this new requirement, and are compliant.
19 Feb 2020
We have always endeavoured to work closely with employers to agree the best funding strategies for our clients’ pension schemes. This case study...
14 Feb 2020
Replacing a complicated guarantee structure that was a significant governance burden led to two of the PSGS team spending Valentine’s Day evening...
5 Feb 2020
By ‘we’ I mean UK pension schemes. We, as in PSGS, clearly do – our pension scheme secretarial team are central to our business – but what about...