“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. ”
“Gillian goes above and beyond, she is very responsive to the whole team and delivers outstanding work. ”
“Ian has added more value than we thought he would at the start… which shows it pays to go with someone who is doing the job of a professional trustee as their bread and butter.”
“I found the trustee training really beneficial, highly recommended. I am not a trustee, I represent the employer and I think it will be valuable for me in future, having a better understanding of the trustees' perspective.”
“Clare Owen has been a really excellent scheme secretary”
“Keen to assist and helpful.”
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 Where the list is out of date, some schemes are experiencing significant difficulties in organising the signatures needed to implement the decision - and this represents a very real risk to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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