Client feedback


PSGS was chosen because of their knowledge of the subject and awareness of our particular schemes.
George Batho ,
Trustee, Lansing Linde
The trustee training course covered a wide variety of subjects which gives a good basis for future discussion and decision making during trustee meetings.
Jean-Paul Gobel,
Heerema
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
Wish I'd had the opportunity to do the Trustee training course sooner!
Stuart Atkins,
Raleigh UK Ltd
So much more proactive than the previous company. On the ball - thinking in advance of things needing doing - very proactive.
Paul Rudd ,
Chairman of Trustees, Express Newspaper
I learnt more than I expected to at the trustee training course. A good introduction to the trustee role.
Rob Hartley,
RSPCA

Do we value trustee secretaries enough?

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 more widely?

Serious under-utilisation

A while ago we wrote a white paper on the value of a specialist pension scheme secretary. I’ve just checked and, crikey, it was 2013! The Trustee Report from mallowstreet got me thinking about this again recently and, although time flies, I think what we said then still holds true.

Mallowstreet’s research shows only c35% of pension trustees rely upon scheme secretaries to fulfil their trustee job duties (and only c25% rely on pension managers). With more like 95% relying on consultants/advisers, as mallowstreet highlighted, that’s serious under-utilisation.

Demonstrating value

The Trustee Report showed chairs of trustees and lay trustees are 20-25% more satisfied with resources when they rely on their scheme secretary. Feedback from our own clients tells us the three characteristics most important to them in an effective trustee secretary are accuracy, proactivity and working well with the pension scheme advisers.

Around the same time as our white paper, we did some research into the perceived relative strengths and weaknesses of different types of provider of pensions management support. As you can see from the charts, pension/actuarial consultants score highly on knowledge and experience and depth of resource but poorly on cost.

A specialist scheme secretary on the other hand combines the best of both worlds, with their ability to drive efficiencies counteracting any cost implication. Their independence is also critical in managing relationships with scheme advisers effectively – it’s important to clients and something a consultant/adviser providing other services simply cannot do.

So, the value of a trustee secretary is real but hard to nail down. The odd statistic here and there helps but doesn’t create or sustain the message. Neither does the fact much of that true value comes from things that are tricky to measure objectively. As a good pension scheme secretary makes sure everything is picked up and runs smoothly, their value is sometimes only appreciated if you lose them and everything goes pear-shaped!

What we need is for all you scheme secretaries to get out there and really start blowing your own trumpets. After all, you’re worth it.

 

 

Back to opinions

 

Hot Topic
Trusteeship is all about relationships

2 Jul 2020

Making relationships work well should be considered an art form . From experience, it’s one I know a professional trustee needs to be a master...

Investment with the benefit of hindsight

11 Jun 2020

With all the turmoil we’ve seen in investment markets recently, I thought it would be interesting to look at what pension schemes should have...

Master trusts: the future directions for these popular schemes

26 May 2020

In a nutshell, the future of defined contribution (DC) pension master trusts is they will be bigger and better, but there’s a risk they’ll become...

More opinions »

Call: 0845 313 0024

online enquiry