“Their pragmatic approach helps with quick and easy decision making. Another approach might have made things more difficult.”
“Gillian has gone above and beyond what we would normally expect of our secretarial support on many occasions and her deep knowledge on all issues have been invaluable.”
“Back in the day there was a large trustee board, with several independents (from the financial world) and the ex-Chairman of the company was offered the role as Chair of Trustees as a sweetener when he stepped down. Unionised company then divided - broad range of active members. They needed some expertise, consistency and leadership during this time. Wanted a serious/professional to lead and guide the trustees. ”
“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. ”
“The service runs very smoothly, might have expected a few more difficulties transitioning to a professional trustee.”
“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. ”
Tuesday, 19 May 2020
The Pension Protection Fund (PPF)’s recent announcement about its Trustee & Support Services Panel confirmed Punter Southall Governance Services (PSGS) will continue to provide professional trustee services and assessment period work. PSGS has also been appointed to the new restructuring and pre-insolvency services panel.
This new panel has been created to assist defined benefit (DB) pension scheme sponsors facing stress or distress and their schemes’ trustee boards. From experience, PSGS has seen the value of early intervention in helping save both a pension scheme and its sponsor where possible and, where not, helping maximise member benefits and minimise the likelihood of the pension scheme entering the PPF.
Chris Hayes, Director responsible for PSGS’ PPF services, commented:
“The tender process for the PPF’s Trustee & Support Services Panel started for us in October 2019 with the contract awarded just before the Covid-19 pandemic hit. Last autumn, none of us realised just how important the new restructuring and pre-insolvency services could become to quite so many firms.
The best outcome for members can be achieved if the pension trustees: take action; understand the options available and what advice is required; and appoint advisers with the experience, expertise and resources to provide the best advice in generally a short timescale. Many trustee boards don’t have the market knowledge and experience PSGS has and may either simply rely on existing advisers or put their heads in the sand and don’t take appropriate advice due to the extra expense.
Over the 15 years of working with the PPF, we’ve together captured ideas and issues and shared them with other firms within the PPF universe to help adapt what we do and drive improvement.”
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