“We are extremely pleased with the appointment we made. The way Ian and Kerry react to us and work with us is brilliant. We are very happy.”
“In my experience, not all professional trustees are able to cope with tricky or potentially confrontational situations. I find HR Trustees has massive experience in getting involved, earning the respect of others and resolving such issues. They get stuck in – they are a first rate team.”
“PSIT were overall more professional than others.”
“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. ”
“These days, Boards need real expertise on tap (with excellent back-up) to cope with a constantly evolving and more regulated environment. HR Trustees is geared to delivering that.”
“PSIT was chosen because of their knowledge of the subject and awareness of our particular schemes.”
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.
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