At a time when sponsors of defined benefit pension schemes are facing enormous challenges, we at Trustee Decisions can help relieve the pressure. Our independent and professional trustee services will be of great benefit to you.

We understand the issues, whether it be deficits increasing as a result of investment underperformance and improved longevity, the weakening of employer covenants or the requirement for trustees to have a minimum level of pensions knowledge and understanding. These issues combined with a complex and ever-changing legislative environment mean that trustees are under constant pressure to improve governance and internal controls. The threat of personal liability when things go wrong has become a real concern for trustees and made them question the need for professional independent trustee services.

The appointment of a professional independent trustee such as Trustee Decisions can be invaluable. We currently act as trustees to defined benefit pension schemes of all shapes and sizes and can help by:

• Ensuring the scheme’s compliance with legislation and the Pensions Authority’s Code of Practice in a cost-effective way
• Overseeing the funding and investment strategy of the scheme
• Working closely with the scheme advisors and challenging them as necessary
• Assisting with the review, appointment and monitoring of the scheme advisors and Key Function Holders
• Improving the level of knowledge and understanding of the trustee board
• Managing conflicts of interest and improving trustee decision making
• Working closely with the Key Function Holders for Risk Management and Internal Audit to ensure both compliance and value for money
• Encouraging employer and member confidence through our experience and impartiality

In recent years there has been significant changes to the legal and regulatory requirements for defined contribution pension schemes. There is also now increased scrutiny by the Pensions Authority following the implementation of the IORP II Directive. As a result, the responsibilities of scheme trustees and advisors have increased significantly.

We can help to ensure that trust based defined contribution pension schemes meet the ever changing legal and regulatory requirements, deliver value for money and improve member outcomes. We do this by:

• Designing an effective pensions governance programme which meets the needs of the sponsoring employer and the members of the scheme
• Working closely with scheme administrators and scheme providers to ensure excellent performance and service standards are delivered and maintained
• Putting in place an effective internal controls framework for the scheme
• Regularly assessing risk and taking appropriate and timely action
• Working closely with the Key Function Holders for Risk Management and Internal Audit to ensure both compliance and value for money
• Monitoring and reviewing investment manager performance

Improving the level of knowledge and understanding of the trustee board

We will monitor the death in service benefits under the plan, receive details of any claims, ensure the benefit payments are correct and give direction on the payment of any claims.

Good risk management is an essential element of a well-run pension scheme and plays an important role in the trustees’ execution of their obligations to protect the interests of the members. The Pensions Authority’s Code of Practice introduced a requirement for the appointment of a Risk Manager Key Function Holder (KFH). Trustee Decisions can provide the KFH who will deliver on the following key services:

• Establishing and operating the Risk Management function. This includes developing a risk management policy that provides a framework for the management of risks
• Assisting the trustees in:
• Preparing the Own Risk Assessment for the scheme
• Gathering information necessary to identify risks to the scheme
• Organising, assessing and (where appropriate) the measuring and quantifying of risks
• Identifying potential controls that may facilitate the mitigation of identified risks
• Attending trustee meetings and advising the trustees on matters relating to risk management
• Monitoring ongoing management of identified risks and providing the trustees with appropriate updates