“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.”
“In any major corporate transaction, time is of the essence. PSGS' pragmatic commercial approach helped us manage the pensions aspects of our group re-structure to ensure a positive outcome for all parties. ”
“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.”
“Their pragmatic approach helps with quick and easy decision making. Another approach might have made things more difficult.”
“They deliver above expectation when the scheme has a particular challenge.”
“PSGS was chosen because of their knowledge of the subject and awareness of our particular schemes.”
Admittedly it is still relatively early days for integrated risk management plans (IRMPs) but I have a request… Can we please make them useful and easy for trustees to read?
A lot of work has been done in recent years to make communications for pension members more effective. I think many communications produced for trustees - be they IRMPs or other reports and documents tabled at trustee meetings - would benefit from the same treatment.
I may be over-simplifying it, but I don’t think advisers would go far wrong by thinking through these few questions before preparing a document for pension trustees:
How knowledgeable is everyone in the ‘audience’?
What are the key messages I want to get across?
Are there any metrics that need to be monitored and how do they relate to each other?
If so, how can they best be presented?
What decisions or actions do the trustees need to take based on the information I am providing?
How can I help the trustees to take those decisions most efficiently?
Having to plough through several hundred/thousand words is not the answer. Many of us like diagrams, charts, ‘traffic lights’ and other illustrations just as much as our scheme members do. After all, they are often the most effective way of getting the point across. The ‘techies’ amongst us can always dive into the detail at the back, if narrative and tables of data are consigned to appendices.
So, when you are developing an IRMP or next preparing another pensions report, please remember it is just as important to engage trustees as it is scheme members. We are only humans after all.