“In any major corporate transaction, time is of the essence. PSGS's pragmatic commercial approach helped us manage the pensions aspects of our group re-structure to ensure a positive outcome for all parties. ”
“Clare Owen has been a really excellent scheme secretary”
“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. ”
“PSGS offered the right support at very short notice, at reasonable cost, when we really needed it”
“Very professional and engaged service.”
“The Trustee Training course is very good. Excellent coverage of material presented in an easy-to-digest manner and quality of presentation by both presenters. ”
Minimising the risk of a conflict of interest when your actuarial valuation is due is one of the key reasons why you may want to make an interim independent trustee appointment. Balancing defined benefit (DB) pension scheme funding requirements against the need to invest in your business can be struggle for all companies, particularly if you are small or medium sized.
A pension trustee board often comprises directors or senior employees of the scheme’s sponsoring employer. Every time a formal actuarial valuation is carried out, scheme funding negotiations often become difficult to manage as company appointed trustees become conflicted, especially those who are responsible for making strategic or financial decisions on behalf of the scheme sponsor.
By appointing a professional trustee on a short or fixed term basis when you need it most, PSGS can ease conflicts of interest and ensure scheme funding negotiations are completed smoothly and swiftly. As independent trustee, we negotiate with the company and enable conflicted trustees to abstain from relevant discussions and decision-making, or stand in the employer's shoes when they need to.
An interim independent trustee appointment is a cost effective way to manage challenging pensions situations and will terminate when your pension scheme funding negotiations are complete and the actuarial valuation is signed off.
Our client: a leading retailer
The Pensions Regulator(tPR) raised concerns the presence of senior members of staff on the pension trustee board may present a conflict of interest.
To allay tPR’s concerns, the sponsoring employer appointed us to the pension trustee board as a professional trustee. Our role was to consider the issues that had given rise to the conflicts from an independent perspective and update tPR.
We worked with the sponsoring employer to put appropriate policies and procedures in place. We then met with tPR and explained how any potential conflicts would be identified and managed in the future.
If you would like to find out how an interim independent trustee appointment may benefit your pension scheme, please contact us.