“Ian has added more value than we thought he would at the start… which shows it pays to go with someone who is doing the job of a professional trustee as their bread and butter.”
“They have helped us save much more and created a cohesive plan to de-risk whilst building an integrated pension team.”
“Excellent service - as expected and why PSIT was chosen.”
“They are very proactive and full of new ideas, they've brought better scheduling and better minute sets.”
“Mike is a great secretary. He does a really good job for us.”
“I would recommend them to anyone - I have dealt with a number of other independent trustee firms and would rate PSIT as the best. We are very happy with Mark and the service we get.”
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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