Hi there, I’m dojing quite well on the blog now, I’m posting again. It’s been a busy start to this year and I’ve been out and about in Sheffield. I met up last week with a mate who has been working on a website for some independent trustees and my mate has designed a very cool site.
This got us chatting about the fact that neither of us really know much about the pensions world, although I really should swot up on the workplace pension that I am enrolled in – so over a beer we tried to figure out about what a pension fund trustee is. After a quick google search, it seems that ‘Trustees of a pension fund are the people, acting separately from the employer, who hold the assets invested in the scheme for the benefit of the participants’. Thank goodness for the internet!
Trustees play an important role in the proper running of pension schemes and have several responsibilities that they have to undertake and they regularly have to make important decisions on things such as investments, professional advisers, members, contributions and reporting certain matters to the regulator - all this on top of your normal day job if you are a lay trustee – definitely not the job for me.
Apparently that’s where independent trustees come in, to oversee the management of a pension fund (DB, DC and hybrid schemes) and alleviate the daily pressures that are placed on trustees. They are often former lawyers, actuaries and consultants and their experience and knowledge is given from a truly independent viewpoint that can add value to the pension scheme.
What is also cool is that they can adapt to a company’s working style, so they can take on the role of whatever is needed, for example; the Chair of Trustees, help with DC Governance, Pension or Sole Trusteeship, give Investment Committee Support and there are also other Governance roles. This expertise enhances the existing knowledge of trustee boards and ultimately benefits outcomes for members.
So, after a couple of pints, I’m now aware of the basics of what is involved in being a trustee, I have to say it all sounds a bit complicated to me.