The importance of good governance
In the area of pensions, good governance is a key element to your funds’ success. Good governance is what we provide. Our board of directors have collectively over 90 years experience as professional trustees and are members of leading industry bodies including the Association of Pension Trustees in Ireland (APTI) and the Irish Association of Pension Funds (IAPF).
Our ability to navigate a broad range of issues and to act as a useful channel of communication between the trustee board and the sponsoring employer make us a valuable aid in scheme governance.
Our approach to Trusteeship
We are happy to be appointed as sole trustee or as a corporate trustee sitting alongside other trustees.
One of the most important elements of our approach is working constructively with all parties’ to the scheme as part of a team. While doing this, as trustee we have overall governance responsibility and we need to ensure that the advisor, registered administrator and investment manager are delivering to a level that is consistent with member expectations. In addition, the employer has its role to fulfil.
We work with the various providers and employers to ensure that there are adequate processes in place to protect the interests of the beneficiaries and to keep them meaningfully informed and engaged with their options within the pension scheme. Our focus is transparency and keeping members meaningfully informed is maintained.
Why appoint a professional trustee to your pension scheme?
Knowledge & Experience
The responsibilities and duties of pension scheme trustees have always been complex. There are considerable administrative burdens on trustees in dealing on a day to day basis with any pension scheme. However, compliance legislation has become even more onerous and complex in recent years meaning that trustee obligations now require a considerable time investment on the trustees’ behalf.
To compound this recent changes to the Pensions Act have added a new training requirement for existing and newly appointed trustees. Appointing an independent, professional trustee brings peace of mind that all compliance and regulatory requirements and deadlines are met in an organised and experienced manner, leaving the employer free to concentrate on running its business.
Trustee training is now an important requirement of pension scheme trustees. Together with the need for trustee indemnity insurance and the risk of on-the-spot fines, this represents a considerable investment in both time and money for employers. Appointing an independent, professional trustee is often a more economical and quantifiable option.
Conflicts of Interest
Trustees who are members of the board or senior executives of the company may have a conflict of interest between their duties to the company and to their responsibilities towards the members of the pension scheme. Appointing a professional trustee avoids such potential conflicts.