By Richard Butcher
A good professional trustee:
- Will help to manage and mitigate the conflicts of interest that arise, for example, during negotiations over funding or the future of the scheme
- Does not have to demonstrate their independence through their actions as they are, by definition, independent. This often gives them more latitude to be pragmatic during, for example, funding negotiations
- Can replace employer-nominated trustees in corporate projects or discussions where they may be conflicted
- Will be familiar with the sensitivities of The Pensions Regulator, making it less likely that any outcome is rejected
- Can act as a ‘buffer’ between the employer and the other trustees
- Can improve the efficiency of a trustee board – for example, by:
- having expert-to-expert discussions with scheme advisers
- focusing on best use of limited trustee time and resource
- managing adherence to agendas and key priorities.
- Can assist co-trustees in acquiring and maintaining the knowledge and understanding requirements of the Pensions Act 2004
- Will provide added reassurance to the scheme’s members, and practical experience and technical knowledge
- Will ensure the most efficient use of the scheme’s advisers, focusing their input to achieve value for money and best advice
- Can provide continuity of governance
- Where appointed as sole trustee, remove the need to appoint member-nominated trustees.
If appointed to your scheme, we will:
- Assume as much of the governance workload as required
- Bring extensive expertise and experience to the trustee board
- Facilitate a positive working relationship between the trustees and the sponsor
- Constructively engage and challenge the scheme’s advisers
- Enhance decision making, budgeting and time trustee board time management.