Independent trustee services to ongoing defined benefit schemes
At a time when sponsors of defined benefit pension schemes are facing enormous challenges, Open Trustees can help to relieve the pressure. Our independent trustee service is recognised as one of the best in the country.
We understand the issues facing trustees of defined benefit pension schemes, whether that is increasing deficits arising out of investment underperformance and improved longevity, the weakening of employer covenants or the requirement for trustees to have a minimum level of pensions knowledge and understanding.
These issues combined with a complex and ever-changing legislative backdrop mean that trustees are under constant pressure to improve governance and internal controls. The threat of personal liability when things go wrong has become a real concern for trustees, due to the need to carefully manage conflicts of interest, greater member awareness of pensions issues and a rise in coverage of pensions issues more generally by the media.
We are appointed to defined benefit schemes of all shapes and sizes including schemes where the employer is able to continue to support the scheme and schemes where the sponsoring employer is facing difficulties meeting its obligations to the scheme.
The appointment of an independent professional trustee to a defined benefit scheme can be invaluable. Open Trustees can help by:
Open Trustees has extensive experience in managing closed or paid up schemes that are either no longer required as the sponsoring employer has decided to provide benefits in an alternative arrangement or where the schemes have become uneconomic or unaffordable for the sponsoring employer to sustain. Winding up a scheme can be highly complex and time consuming. Open Trustees can help by:
In September 2012 Open Trustees was appointed to the Pension Protection Fund’s trustee advisory panel. As such, we are highly experienced in managing schemes through an assessment period for the purposes of the Pension Protection Fund following the insolvency of a sponsoring employer.
Independent trustee services to defined contribution workplace pension schemes
In recent years there have been a number of significant changes to the legal and regulatory requirements for defined contribution pension schemes and there is increased scrutiny of such schemes by the Pensions Regulator. As a consequence, the responsibilities of scheme trustees, management committees and scheme advisers have increased.
Open Trustees can help to ensure that trust based defined contribution schemes meet these ever changing legal and regulatory requirements, deliver value for money and maximise member outcomes. Open Trustees can help by:
Open Trustees also has significant experience in winding up trust based defined contribution schemes either where the sponsoring employer has put in place an alternative pensions arrangement for its employees or the sponsoring employer has suffered an insolvency event.
Trustee secretarial services
Trustees must be able to focus on the important matters. Our trustee secretarial services can help to relieve the administrative burden of managing a trustee board allowing the trustees to focus on discharging their duties effectively.
Our trustee secretarial services include:
For further information relating to our trustee secretarial services or to discuss how Open Trustees can assist you, please feel free to get in touch with us.