“So much more proactive than the previous company. On the ball - thinking in advance of things needing doing - very proactive.”
“We have realised the benefit of having and independent trustee. Claire sees what general practice is like, so is able to guide us.”
“Provided insight into what other schemes do - useful intelligence. High quality.”
“Colin provides expert trusteeship. He guides former employees not familiar with legal constraints and restrictions - he is aware of them and helps solve problems - very happy.”
“Excellent communication - the trustee training course facilitators were clearly knowledgeable and very experienced in their field and able to convey concept and information in a way I was able to understand. ”
“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.”
The new value for members (VFM) assessment is a key component of the government’s strategy to consolidate smaller defined contribution (DC) pension schemes and drive better member outcomes. About 2,000 DC schemes are in scope, as a VFM assessment is needed for those with assets under £100m. Many are with profits, have a Guaranteed Minimum Pension (GMP) underpin or are hybrid with deficits presenting obstacles to change.
I recently took part in a webinar where the panel of legal and pensions experts from PSGS, CMS and Punter Southall Aspire discussed how to actually do one of these new VFM assessments. CMS gave the legal background, Punter Southall Aspire explored the advisory aspects and I covered what pension trustees should be doing on VFM and master trust transfer.
What trustees need to do to prepare for VFM:
If you haven’t already, our webinar is really worth a watch for pension trustees who will need to carry out a VFM assessment in the new year.
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