Pensions Partner Helen Miles shares her tips for pension scheme trustees in a recent video.
A: Use your advisors
Operating a complex pensions scheme is a team game and advisors will help to keep you up to date and navigate the trickiest of areas. But don't just rely on impersonal webinars and newsletters. It's only in bespoke discussions that you'll get the support you need from your scheme and the full benefits of your advisor knowledge. Choose advisors with broad experience and they'll understand how things interleave.
B: Keep up best practice on governance and compliance
When you're busy with delivery, it can be hard to find time to look at the finer details of your own operation as trustees. Things like – are your policies up to date? Can you even find all your scheme documents? What does your indemnity insurance really cover?
C: Retain your collective memory
That's not saying you should take the approach of 'but we've always done it this way and we'll carry on', but you have a complex history of a pension scheme and it'll endure for a long time. Personal recollections can be great from your trustee chair or advisors but do make and keep good records. I recommend an explanatory 'bible' of key projects, such as pensions change, and that'll really help you.
The above was taken from our video series, "90 seconds with a gunnercooke expert". You can watch Helen's episode here.
Contact Helen or read more about her practice here.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
