Ongoing Trusteeship
Alongside the key benefit of risk reduction to the trustees, the scheme and ultimately the employer, an independent trustee - and ITS in particular - can:
- Bring the confidence of impartiality to scheme members
- Act as sole Corporate Trustee perhaps to assist in a change programme for the pension scheme arrangements where schemes are being amended, closed or merged
- Act as Chair of Trustees
- Work with co-trustees (be they Company or Member Nominated) to add experience to a new Trustee Board
- Advise on corporate activity that could weaken or strengthen the employer covenant
- Work around situations of actual or potential conflict of interest
- Plan and manage the trustee duties, particularly around tPR notifiable events
- Remove the risk from time-pressured decision making
- Work alongside and challenge (when appropriate) other advisors to the scheme
- Manage the funding and investment strategy so that the risks are acceptable to the sponsor and the trustees
- Provide Scheme secretarial services