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I work with Wayne and Kirsty. They really understand our business - they work with the company while retaining independence and ensuring compliance. They are a joy and pleasure to work with.
Neil McCawley ,
Ferguson plc
PSGS offered the right support at very short notice, at reasonable cost, when we really needed it.
Ian Edwards,
Chair of Trustee, Comet Pension Scheme
Edwin’s working to ensure the other trustees get involved. Last year he took more of a leading role, which I was very grateful for. He is well organised and proactive. Feedback from external advisers has been good.
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Imerys
Keen to assist and helpful.
Brilliant to work with - inspiring confidence that risks are anticipated and well-managed, and adding huge value by sharing expertise and best practice.
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RM
Mark Fletcher - excellent independent trustee, personality and high standards.
Sukhjit Dhillon ,
RATP

Bearing the cost of guidance guarantee – is Steve Webb right?

Topic:

Hot topic

Date published:

Monday, 12 May 2014

I think Steve Webb's recent call for schemes to fund the cost of the guidance guarantee is misguided. When we talk about defined contribution (DC) schemes, in the vast majority of cases we actually mean DC members. That's something we need to be clear about - otherwise we are at risk of setting up a false expectation that there is a third party who is going to pay for this guidance. For most DC members, that third party is simply non-existent.

Then we need to think about what members are getting for their money. Another government proposal – the charge cap – comes into play here too. Don't get me wrong, a charge cap is a good way of ensuring member's receive value for money from their scheme, but we need to make sure the level is right. Forcing schemes to squeeze the cost of the guidance guarantee (and any other future bright ideas that may come along) within an existing charge cap could put pressure on other areas of service to the overall detriment to members. That would not be a good thing.

Wayne Phelan - Managing Director

 

 

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