“Alex has helped in our dealings with other advisers using his experience of other schemes.”
“We always receive an extremely high level of professionalism from PSGS, allowing us to make informed and appropriate decisions. Their advice is always timely and well received, allowing us to focus on what are the important key issues. They are always accessible and I would not hesitate to recommend their services!”
“When requesting information by email, I have noticed that there is 'out of hours activity' to answer me. I regard this as a stand out 'above and beyond' - impressed.”
“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. ”
“The work that has been done has been delivered beyond expectations.”
“They have helped us save much more and created a cohesive plan to de-risk whilst building an integrated pension team.”
Legal & governance
Wednesday, 3 September 2014
It is easy to think that making an investment decision is the hardest part. Recently, for a number of pension schemes, it is implementing that decision that has been most problematic. What makes it worse is the cause of the issue is a simple admin task.
Following the well publicised departure of several key members of investment teams at both Barings and Standard Life, many trustee boards recently took the decision quickly to move out of certain investment funds. Some of those schemes, including our own clients, were able to act swiftly and move out of the relevant fund at the earliest opportunity. Others were not so fortunate.
Having spoken to a number of advisers last week, it seems the differentiating factor is the authorised signatories list. Where the list is out of date, some schemes are experiencing significant difficulties in organising the signatures needed to implement the decision - and this represents a very real risk to the trustees.
On appointment, a new trustee should be asked promptly to provide any anti-money laundering information needed, and arrangements should be made for them to be added to fund mandates. A good scheme secretary will make sure this happens, as well as regularly checking the signatory list remains up-to-date. As we have seen in recent days, failing to do this simple task impedes trustees’ ability to act swiftly, which could result in a financial loss to the scheme.
Gillian Graham - Scheme Manager
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