A closed defined benefit scheme
A company with a turnover of circa £4m per annum which has a closed defined benefit scheme.
The trustees had all been in place for a number of years and had all retired from active employment. The increasing demands placed on trustees by legislation and Codes of Practice had led to some trustees wishing to resign from the Board. This would have inevitably meant that a great deal of experience and wisdom would have been lost.
By appointing an independent trustee who worked with the trustee board for the next twelve months the Trustee Board was able to capture the experience and information retained by the trustees. As part of the knowledge transfer an electronic documentation retention tool was introduced to ensure that a full Scheme history was held and as importantly available to all trustees and their advisers. The planned changes to the Trustee Board meant that by the time of the next scheme valuation, there was a knowledgeable trustee board in place with the energy to deal with the challenges of the significant pension deficit.