“The trustee training was a very well-paced overview which gave opportunity to explore ideas and question more deeply at key points.”
“Very professional and engaged service.”
“Mike is a great secretary. He does a really good job for us.”
“The work that has been done has been delivered beyond expectations.”
“So much more proactive than the previous company. On the ball - thinking in advance of things needing doing - very proactive.”
“PSIT offered the right support at very short notice, at reasonable cost, when we really needed it”
The Pensions Regulator’s (tPR) code of practice for funding defined benefit (DB) schemes focuses on pension trustees adopting an integrated approach to three key areas of risk:
1. the employer covenant
These three risk areas interact so each must be identified and assessed before pension trustees can make informed decisions on key pensions management issues such as setting scheme investment and funding strategies. These risks should then be monitored using a risk management framework proportionate to the size of scheme and budget available.
Pension scheme risk management is not simply a case of protecting against negative events - monitoring investment and funding risks enables pension trustees to plan de-risking strategies. In future, pension fund trustees may need to move away from using a single risk register - having a clearer distinction between operational and strategic risks may be beneficial.
To assess whether there are any gaps in your pension trustees’ risk management planning, ask yourself:
An independent review helps demonstrate the importance you place on good pension scheme governance and compliance, as well as helping ensure you are meeting legal requirements and reflecting best practice guidance.
The PS Independent Trustees risk review:
Like all PSIT’s pension scheme services, our risk review is tailored to suit the size and complexity of your scheme and your particular requirements, but can be based on one of our core review packages:
To find out more about our pension scheme risk reviews and how they might benefit your scheme, contact us to talk it through or request our risk review service flyer.
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Improving scheme management to ensure compliance
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