“I enjoy working with PSGS and we have a very positive relationship. I was new to pensions and found them very helpful.”
“The team provide an excellent service with practical and commercial input that we have not found with anyone else.”
“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. ”
“Highly informative. Having leading professionals deliver the TKU course really adds value.”
“Where PSGS are appointed to act in conjunction with an existing body of trustees, we have found that they are quickly able to fit in well and gain the trust and respect of their co-trustees. ”
“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.”
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.