“I wanted to look at the effectiveness of our trustee board, so Gillian, our PSIT scheme secretary, provided their trustee self-assessment tool to help me gather thoughts and opinions from others on the board. The tool was extremely easy to use and asked all the right questions to help me collect the information I needed as Trustee Chair. It is a great example of the way PSIT shares knowledge with their clients and makes dealing with key governance issues easy. As well as enabling me to meet one of the Regulator’s 21st century trusteeship requirements, using the tool has flagged trustee training needs and ways we could improve trustee meetings further. ”
“Ever increasing regulation has placed a heavy burden on trustees both in terms of time and the risk of non-compliance. HR Trustees has the experience and the resources to help trustees manage these burdens.”
“PSIT were overall more professional than others.”
“So much more proactive than the previous company. On the ball - thinking in advance of things needing doing - very proactive.”
“Where HR Trustees are appointed to act in conjunction with an existing body of trustees, we have found that they are quickly able to fit in well and gain the trust and respect of their co-trustees. ”
“I enjoy working with PSIT and we have a very positive relationship. I was new to pensions and found them very helpful.”
The PPF looks to bring in a Trustee Panellist on all underfunded cases to more efficiently project manage pension schemes that are in PPF assessment. For members, continuity is important. If we were appointed at this stage and the scheme later entered the PPF, there would be no need to change trustee again at what can be a particularly scary time for members.
Client: pottery manufacturer pension scheme with over £200 million in assets and 7,000 members
Objective: manage a large pension scheme through the PPF (Pension Protection Fund) assessment process after a well-known pottery group’s insolvency
What we did: we conducted a comprehensive assessment of the scheme, including:
The result: happily, our work resulted in the pension scheme being successfully transferred into the PPF
We have been acting as professional trustee to pension schemes in PPF assessment since the PPF was established in 2005. Our specialist PPF team have nearly 60 years’ PPF experience between them and have managed several high profile schemes through assessment to transfer. We have dealt with PPF schemes from £500,000 to £370m, including Wedgwood, Royal Doulton, Robert Horne & Howard Smith and Hoover.
Client: European bank
Issue: the pension scheme sponsor was effectively insolvent after the transfer of its assets to another bank (during the Euro crisis) - transfer to the PPF would be the best outcome for the scheme’s members, but the sponsor was not a UK company
What we did: we successfully helped the scheme enter the PPF under s129 Pensions Act 2004 (as applicable to EEA Credit Institutions)
The result: the scheme has entered PPF assessment
If your pension scheme is about to enter PPF assessment or the scheme sponsor is at risk of insolvency, contact us to find out more about our specialist service.
We’re all professionals, right?
Think data accuracy, not just data
Are you really sure…? Learning lessons from PPF cases
The Papa John’s journey
Read PSIT’s de-risking survey results
Were our 2012 pension predictions correct?