Trustee Services for Group Pension Schemes
We offer a professional, comprehensive trustee service to group pension schemes. We provide a range of trustee services to our schemes and clients:
1. Initial Review
When asked to be trustees to a group pension scheme, we undertake an initial review, which involves:
- The scheme advisor completes a questionnaire.
- We review the scheme documents, such as the trust deed and rules, any subsequent deeds and member booklets.
- We review the trustee annual reports, member benefit statements, actuarial documents and investment reports.
- We review the minutes of trustee meetings, investment presentations and member communications.
From our review, we can assess if the group pension scheme is compliant and up to date. If it is not, we will recommend a plan to ensure compliance and bring it up to date.
2. Annual Services
Once appointed as trustee to a group pension scheme, there are a number of trustee services we provide each year:
- We hold at least one Trustee Meeting, with the employer, scheme advisor, administrator, investment manager and actuary. We can provide the agenda and minutes for the meetings.
- The administrator completes an Administration Report.
- We request the Trustee Annual Report from the administrator four months before the sign-off deadline. We then check if the report is compliant and ensure that, if required, it is audited.
- We review the investments of the scheme bi-annually through the investment report, a meeting with the investment manager and discussion at the trustee meeting.
3. Support Services
We provide a wide variety of trustee support services to our schemes and members:
- Member claims, such as transfers, retirement and refunds, are all checked and signed off.
- We deal with queries from members, pensioners, employers and administrators.
- We provide legislative updates and guidance on implementing any changes that affect our schemes.
- We deal with any reporting, auditing or information requests from the Pensions Board and Revenue.
4. Investment Review
Monitoring the schemes' investments is one of our most important roles. We do this by:
- Making sure that an investment report is included in the Trustee Annual Report and a Statement of Investment Policy Principles, where required.
- Reviewing the investment performance against any benchmarks and peer performance, and reviewing any expected returns at trustee meetings and with the investment manager.
- Making sure that investment advice is sought when required.
- Ensuring that investment decisions are implemented.
- Communicating with members on their investment choices and options.
5. Actuarial Review
For our defined benefit schemes, proper preparation and compliance with the actuarial requirements of the scheme are crucial:
- We will liaise with the actuary and employer to have the Triennial Actuarial Valuation prepared and agreed.
- Following completion of the Actuarial Valuation, the scheme actuary will prepare an Actuarial Funding Certificate for the Pensions Board.
- We check that the Trustee Annual Report contains an Interim Actuarial Statement that confirms that the scheme is on track to meet its funding requirements, or not.
- If the scheme funding is off track, we will work with the employer and actuary to agree a Funding Proposal for the scheme.
6. Claims and Benefit Payments
The purpose of a pension scheme is to provide benefits to the members. The claims process and the payment of benefits needs to be dealt with speedily and accurately.
- We check all our claims against a checklist of requirements.
- We get supporting documentation of identity, values and payment details.