“Highly informative. Having leading professionals deliver the TKU course really adds value.”
“Very happy with service.”
“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. ”
“A major problem with the pension fund needed skilled, constructive help - which was given!”
“Ann is very proactive and ensures we address all issues well ahead of time and extremely efficiently.”
“Extremely personable and professional.”
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 Where the list is out of date, some schemes are experiencing significant difficulties in organising the signatures needed to implement the decision - and this represents a very real risk to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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