“We now have a very collaborative approach between trustees and employer.”
“Ever increasing regulation has placed a heavy burden on trustees both in terms of time and the risk of non-compliance. PSGS has the experience and the resources to help trustees manage these burdens.”
“They deliver above expectation when the scheme has a particular challenge.”
“Wish I'd had the opportunity to do the Trustee training course sooner! ”
“So much more proactive than the previous company. On the ball - thinking in advance of things needing doing - very proactive.”
“I would recommend them to anyone - I have dealt with a number of other independent trustee firms and would rate PSGS as the best. We are very happy with Mark and the service we get.”
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.