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Trusteeship

Why Time is so Important for Our Economic Health

Friday, March 22, 2024

This article explains how the nature of money in an economy dramatically affects the time preference of both individuals and companies, which has huge implications for that country’s economic performance and health.

New entrants mean new opportunities

Thursday, March 21, 2024

With an ever-changing landscape in the bulk annuity market, staying abreast of new opportunities is crucial. One such opportunity that has garnered attention in recent times is the emergence of new players in the bulk annuity market.

A Reflection on Team Building

Monday, March 11, 2024

Throughout my career I have built teams, sometimes starting with a completely new team and in other cases building on a long-established group. I have learnt a lot of lessons about what makes a team succeed, and for me it comes down to trust, diversity and feedback.

Last one out turns off the light - The responsibility of being the last trustee

Thursday, February 29, 2024

Were you ever the last person to leave a shared rental house? One of those big houses, which has seen occupants come and go, enjoyed good, bad and some definitely ugly times and had a rather, ahem, varied history in terms of maintenance and general housekeeping.

All in favour say “aye” – How might board diversity change our decision-making process?

Thursday, February 8, 2024

The Pensions Regulator has made its position clear - diverse and inclusive boards make better decisions.

UK Pension Trustees: is switching advisers the right thing to do?

Thursday, February 1, 2024

Key advisers such as lawyers, actuaries and investment consultants play an important role in trustee decision-making. Given the complexity of pension funds and the need for trust in the relationship, adviser appointments are generally long-term affairs.

Stewardship priorities

Wednesday, December 13, 2023

In June 2022, the Department for Work and Pensions (“DWP”) published guidance for Trustees of Occupational Pension Schemes, concerning stewardship policies, and specifically priorities.

Five takeaways from the DWP’s review of TPR

Thursday, November 30, 2023

Nigel Cayless of Sackers provides an overview of the key points from the Department for Work and Pensions review of the The Pensions Regulator.

How can non-experts challenge the experts?

Friday, October 20, 2023

As a trustee it’s your duty to take advice. It's also your duty to scrutinise and, where appropriate, to challenge that advice.

But some pensions advice is incredibly technical and complex.

Discretionary decisions: Why do you need a lawyer when there is no one right answer?

Thursday, August 17, 2023

Many of the decisions that trustees make are discretionary decisions. Basically, as trustees, you have the power to decide what to do.

Cyber Security – An increasingly risky outlook

Thursday, August 10, 2023

Chris Heirene of Quantum Advisory provides some valuable advice with regards to how Trustees can protect themselves and prepare against cyber attacks

Welcome on board!

Friday, July 7, 2023

Some obvious, and some less obvious, reasons why it’s good to have new trustees

Eight reasons why trustee boards should take training seriously

Thursday, March 2, 2023

Trustee training is an essential component of good scheme governance, for new and existing trustees alike.

Reflections

Thursday, November 3, 2022

Richard Butcher looks back at his time as managing director of ZEDRA (previously PTL) and reflects upon the changing world of professional trusteeship

Managing downside risk in defined benefit schemes

Monday, April 4, 2022

Investment strategy is the powerhouse of any defined benefit (DB) scheme. Strategies are as unique as schemes themselves, based on characteristics such as the maturity of the membership, strength of the sponsor covenant, scheme rules and a host of other factors.

Key issues for trustees in 2022

Monday, February 7, 2022

With 2021 behind us, and an uncertain outlook for the year to come, we asked three PTL Client Directors for their views on the top issues facing pension trustees in 2022.

Getting to buyout – the importance of using the best partners

Thursday, January 20, 2022

For many small schemes who do not have access to the same depth of resources as their bigger counterparts, getting to buyout can seem like a moonshot. A seemingly impossible target that is too far away, too expensive, and too difficult to attempt. Even the prospect of insurance and all that it involves can be overwhelming.

Pensions risk settlement in 2021: A year in review

Wednesday, January 19, 2022

Make your first steps now, de-risk before transacting.

Sponsors need value for money too: managing costs in defined benefit schemes

Tuesday, November 30, 2021

Getting value for money is one of the most hotly debated topics in pensions – and rightly so.

The focus is often on value for members in defined contribution schemes, but defined benefit (DB) trustee boards must also be able to show scheme sponsors that they are running their scheme cost-effectively.

4IR and the pensions industry’s juxtaposition, success will be in keeping it personal

Monday, November 1, 2021

It’s an exciting time to be a consumer. New technologies are constantly being created to simplify and enhance our lives, and the way we live and work has been transformed in recent years, with sweeping changes across many sectors from supermarket shopping to online banking.

Trustees and sponsors: 5 tips for building better relationships

Tuesday, September 21, 2021

Pension schemes thrive when there is a good relationship between the trustee board and the scheme sponsor. For defined benefit (DB) schemes, that relationship sits at the heart of scheme governance, influencing everything from day-to-day tasks through to major discussions over scheme direction and funding.

Nudging members toward better retirement choices

Thursday, July 15, 2021

The Financial Conduct Authority (FCA) has released a consultation titled ‘The stronger nudge to pensions guidance’. Its aim is to create an environment where consumers are encouraged to take the right guidance at the right time to support them to make informed decisions.

Considering climate risk – some pointers for trustees

Friday, July 2, 2021

Richard Butcher discusses the “must do’s” versus the “can do’s” when it comes to climate change and investments.

Setting your pension strategy – now is the time

Friday, June 18, 2021

A trustee’s ultimate responsibility is to ensure that benefits are paid in full up to and including the final payment to the very last member. The challenge is how to deliver on something that is so far away.

Member engagement: Four simple tips for going beyond the tick-box approach

Wednesday, May 26, 2021

Pension scheme members have multiple choices to make along their retirement savings journey. Whether it’s how much to save, when to retire or how to take benefits, engaging members is key to helping them make informed choices and maximise their outcomes.

The pensions risk transfer market during the pandemic

Tuesday, May 11, 2021

For obvious reasons, we’ve recently seen a lot of television and press features looking back at the events of the past 12 months. Let’s look back at what has happened in the bulk annuity market in that time and what this might lead to over the next 12 months.

Hooking in your members

Monday, February 22, 2021

Engaging members in their pensions has never been more important, although achieving it remains stubbornly elusive for most trustees and employers. Can appealing to a member’s social conscience be the hook we’ve been waiting for?

Reasons to be cheerful

Tuesday, December 15, 2020

'Even in these trying times there are positives to be found – we should be using these challenges as an opportunity for change. '

Protecting pension scheme members from cybercrime

Wednesday, December 2, 2020

Cyber security – preparing and protecting ourselves from a cybercrime attack is possible, but, immunisation is impossible!

How do we support our colleagues and their families at a difficult time?

Tuesday, December 1, 2020

The unexpected and untimely passing of a loved one is a life changing event for all concerned. Whether the deceased was the main breadwinner for the family, or the homemaker, or more likely a combination of both, their loss throws a huge stone into the pool of life; the ripples of which are rarely considered until the situation arises.

Triennial Valuations - should you take the fast track?

Thursday, October 29, 2020

The new funding code is due to be introduced shortly, leading to some of the most significant changes in actuarial valuations in many years. The new funding code will introduce two approaches for trustees to choose between: fast-track and bespoke.

What’s good for the sole

Friday, July 3, 2020

Richard Butcher talks of his experience of being a sole trader and the concerns TPR has about the gradual shift towards sole trusteeship

Beefing up your SIP

Thursday, June 4, 2020

Another year and another set of requirements. Having met the 1st October 2019 deadline for updating their Statements of Investment Principles, trustees now face a further set of deliverables for 1st October 2020.

Trustee revolution – a break from the norm

Monday, February 24, 2020

Who sits on a Trustee board and why?

21st Century Trusteeship – training, skills and advisers

Thursday, February 13, 2020

It is fundamental that trustees possess a level of necessary skills and knowledge and are assessed regularly. The tPR created a skills matrix and board evaluation tool to help trustee boards to evaluate and identify gaps to be addressed, but how well was this used?

Pension Schemes Bill 2020 - What do we want?

Tuesday, January 21, 2020

PSIG await the new Pension Scheme Bill 2020 hoping for stronger legislation against scams, and more power for Trustees. Margaret Snowdon explains why it is important to give Trustees more influence over transfer options.

The Pensions Drawdown Transfer Window

Wednesday, January 15, 2020

The transfer window for scheme members in non-advised pension drawdown will open on 1 August and we could see some big drawdown transfers from August. The FCA introduced IGCs in 2015. Fast forward to July 2019, and the FCA published PS19/21, which mandated that providers of drawdown solutions create four investment pathways for savers moving into non-advised drawdown.

A plea to trustees for 2020 – add data to the agenda!

Wednesday, January 8, 2020

Data is the foundation of all schemes and touches all aspects of pension scheme management. In 2020 the spotlight will be everything from data scores to dashboard and GMP to de-risking. And lets not forget the eagerly anticipated Pensions Dashboard which is so reliant on quality data to deliver what it needs to.….

Protecting your members against scams

Tuesday, November 26, 2019

Over 50% of members don't think they would fall victim to a scam, but who can protect those that will?

W(h)ither regulation?

Tuesday, November 5, 2019

More and more regulatory requirements... Is it all really neccesary?

The devil is in the detail

Monday, October 28, 2019

The Master Trust market has grown significantly since 2010, this rise means that millions more will be dependent on them being well run. This article looks at regulated and non-regulated transitions and explains how PASA's guidance can help

Why become a pension scheme trustee

Thursday, October 3, 2019

Taking on the role of a trustee, is a significant responsibility. The decisions, trustees make will hugely influence member outcomes, ultimately impacting the lives of members currently in pension schemes.

FinTech - What are the risks for pension funds?

Friday, September 13, 2019

In this article from PASA, Girish Menezes details the risks of pension adminstration and key factors to consider when choosing a reliable administration partner.

Road signs and speed cameras - Member Emotions and Pension Communications

Wednesday, September 4, 2019

In this article form AHC, Francis Goss discusses the theory that emotions directly lead to behaviour, and how pension communication can learn from it.

Governance taking the spotlight on trustee agendas

Friday, August 2, 2019

Trustees can expect to see increased focus on scheme governance over the coming months in light of two recent developments.

Tax and pensions – communicating system efficiency

Thursday, May 23, 2019

Karen Partridge draws upon recent experiences to understand how communications can be presented to pension members in a straightforward, user friendly way.

Web adoption in pension communications: separating fact from fiction

Monday, May 20, 2019

When considering online pension communications, there is a tendency for trustees and sponsors to make assumptions about the preferences of different membership demographics. However, recent research proves that many common assumptions about certain age groups or industries aren’t entirely accurate.

Three ways to manage the impact of cash flows on DB pension schemes

Monday, May 13, 2019

Simon Hubbard takes us through the key points to consider when monitoring and managing a negative cashflow position.

Which Mrs Wilson should receive the death lump sum benefit?

Friday, March 8, 2019

Trustees should be prepared for the unexpected. Clare James explains the importance of exploring more than one avenue of information before making decisions.

Will regulation improve pension administration standards?

Friday, February 15, 2019

How does your pension administration compare within the universe of Artificial Intelligence, Biometrics and Block Chain? Would you say that the leverage of technology was rudimentary or fairly comprehensive? How would you even go about benchmarking it or mapping a path from where you are and where would you like to be? Would you be able to define your one, three and five year objectives?

Is member communication really that important?

Thursday, January 31, 2019

It may seem an odd question from someone who works for a communications consultancy, but the New Year is a great time to ask some challenging questions.

Consolidation…The possibilities and the practicalities

Friday, January 18, 2019

Darren Wateridge discusses the benefits of consolidation and the steps schemes can make now.

Pension administration – the courage to ask for more

Friday, January 11, 2019

Working in UK pension administration is a bit like being stuck in a traffic jam. Everyone seems to be struggling to make progress, but one lane always seems to be moving faster...

Master trusts – let’s talk transitions

Friday, January 4, 2019

With Master Trust Authorisation in full swing and talk of as little as 20 or even 12 master trusts remaining when final Authorisations are in, it may seem odd to be thinking of transitions. Is it too late to be talking about it? Haven’t all the decisions been made?

Consolidation – the future for defined benefit schemes?

Tuesday, December 18, 2018

With more DB schemes approaching maturity, and their sponsoring employers seeking to secure members’ benefits or to transfer risk, the DWP has published its latest consultation, setting out proposals for a new legislative framework for authorising and regulating defined benefit (DB) “superfund” consolidation vehicles

What should be on the agenda for Pension Managers and Trustees into 2019

Friday, December 7, 2018

PASAs Chris Tagg identifies the key issues facing trustees and pension fund managers now and in near future?

Hidden talents. Hidden value.

Monday, November 5, 2018

Richard Butcher shares his opinions on what the real value of transparent transaction cost data is.

Retirement choices: a DC trustee responsibility?

Monday, October 29, 2018

Pensions freedoms have created a world of retirement choices for members since they were introduced in 2015. But where does this leave trustees of occupational DC schemes – Sackers ask, is it a DC trustee responsibility?

I want someone to help me

Friday, October 12, 2018

Peter Nicholas explains how important it is to receive quality guidance and assistant at the right time.

Where there’s blame, there’s often no claim

Wednesday, October 10, 2018

When a pension scheme changes administrator, one universal truth applies: data issues and historical errors will be uncovered.

Should trustees think more like corporates to get what they need?

Friday, September 14, 2018

To do the best for members, Karein Davie asks if there are other tips that can be taken from the way that a corporate operates?

Switching from RPI – key considerations for trustees

Wednesday, September 12, 2018

From an employer’s perspective, switching from RPI to CPI as the basis for calculating pension increases might seem a relatively easy way to reduce a defined benefit pension scheme’s deficit. For trustees, there is more to think about than just the potential cost saving.

Freedom, choice and equality

Friday, August 17, 2018

Taylor Smith discusses the momentum that is gathering behind the Daily Mail campaign to allow people to commute annuities purchased before April 2015.

FOMO – and changing savings behaviour

Thursday, August 16, 2018

Peter Nicholas looks at interesting behaviours we all exhibit and discusses how we can use these in the retirement savings world.

Reconciling our differences - GMP

Wednesday, July 25, 2018

“Tens of thousands” of pension scheme members are being asked to return overpayments of pensions, PTL's Alison Bostock looks at the truths behind the headlines.

Time to talk

Thursday, July 5, 2018

Kim Gubler introduces the new Trustee Administration Governance Checklist which is designed to help trustees when it comes to evidencing engagement with administrators.

“Are you talking to me?”

Thursday, June 21, 2018

Peter Nicholas draws comparison from the movie 'Taxi Driver ' to highlight communication problems within the pensions industry. In this insightful piece Peter asks how the industry can translate important messages more effectively to all members.

Old and new worlds meet

Wednesday, June 13, 2018

Active membership of defined benefit (DB) pension schemes has fallen by just over one million in the past seven years, with most predictions forecasting that the remaining 12% of still-active private sector DB schemes will close before the end of the next seven. While the pace of closures appears to be slowing, the outcome remains inevitable.

Climate change

Thursday, June 7, 2018

Practical tips and guidelines for trustees

The deadline has passed

Tuesday, May 22, 2018

Are trustees compliant?

Clearer, quicker, tougher

Monday, May 21, 2018

Clearer, quicker, tougher - why TPR's new mantra matters to you

Is your member communication fit for purpose?

Friday, May 18, 2018

PTL's Keith Lewis encourages providers and trustees to consider whether they can improve their communications to members.

GDPR: are you ready for new data regulations?

Friday, May 11, 2018

What are the biggest issues you need to be aware of – and how should you tackle them?

Changing administrators? Here are 5 top tips for a smooth transition

Thursday, April 26, 2018

Changing your pension administrator is a big deal. Let’s face it, most trustees are at least a little resistant to change given the complexity and perceived risk involved. Even with meticulous planning and research, plenty of headaches await should you fail to get it right.

What does bowel cancer screening have to do with my pension?

Thursday, April 19, 2018

It’s all a matter of communication.

Retirement planning: challenges for pension providers and retirees alike

Friday, April 13, 2018

Today, pension providers like insurers and pension funds, face multiple challenges regarding pensions communication.

PPF Levy – Do you know the score?

Thursday, April 12, 2018

Ahead of the PPF levy deadline Robert Palmer explains how checking your data is correct could save more than just money.

“You’re fired”

Thursday, March 29, 2018

Alan Sugar has it easy.

Fiduciary management: time someone else ran the day-to-day?

Thursday, February 15, 2018

As the investment backdrop gets increasingly demanding, trustees need to show they can meet the challenges of today’s pensions schemes. But with their time and resources often under pressure, outsourcing their scheme’s day-to-day running to a fiduciary manager – while still keeping overall control – could be the solution.

The Seven Habits of highly effective Pension Trustees

Thursday, February 15, 2018

Deon Dreyer examines the best routes to take to become a great trustee

Why we must rethink our service to deferred members

Thursday, January 11, 2018

PASA’s Geraldine Brassett encourages trustees not to wait for legislative change and to take steps to improve data records and communications with all members regardless of status.

Three things you need to do in 2018 to get to buy-out

Friday, January 5, 2018

Top of the 2018 ‘to-do’ list for many DB trustees will be planning the process to achieve buy-out. But focusing on funding requirements alone could delay or derail the process if three key administration actions are not considered first.

More change, not less

Thursday, November 2, 2017

Jenny Monger discusses the need for change as the real risk for schemes is accepting current administration standards and not taking that leap.

New Chair announced for Pension and Lifetime Savings Association

Thursday, June 1, 2017

The Pensions and Lifetime Savings Association has announced Richard Butcher, PTL managing director, will become its new Chair.

BlackRock says pension schemes are making five key mistakes

Friday, April 28, 2017

BlackRock has outlined five mistakes pension schemes are making and how trustees can overcome them.

Honesty needed for consultant-trustee relationships

Friday, March 17, 2017

A lack of frank conversation between consultants and trustees could be adversely affecting pension schemes and members.