THE GOOD NEWS
Pensions are about paying the right benefit, to the right member at the right time. There are tools to help achieve the best possible outcome for members, the trustee and the scheme sponsor.
THE BAD NEWS
There is no silver bullet that puts in place good governance for all schemes. The problem for Trustees is that developing good scheme governance in a crisis is never a good idea.
THE GOOD NEWS
The trick for trustees is spending their valuable time and budget on doing the right stuff at the right time. We don’t say this is easy – we do say that by concentrating on what actually needs doing is worth all the effort.
The following points will help you evaluate how effectively the scheme is run, ask yourself:
- What have you learnt from the sponsor’s own governance processes?
- Is the relationship between trustee and sponsor constructive?
- Is there trust between the trustee and the sponsor?
- Do you work together and jointly input into effective governance?
- Do you know what you want to do?
- Are you concentrating on the strategy and what really matters to the scheme; for example reducing investment volatility or reviewing an advisors contract?
- Where are you spending your time, on the outcome or the operation?
- How are the decisions we take as a Trustee going to improve member experience?
If you have answered ‘No’, ‘Not Sure’ or are undecided to some of these questions, why not talk to us.
CBC Trustee’s have the experience and ability to see what an effective governance solution looks like, do you?
Don’t just take out word for it, take a look at our case studies https://www.cbcpensionservices.co.uk/caseStudies.asp