Trusteeship, Pension and Risk Management
An independent trustee eliminates any potential conflicts of interest for both employers and members, boosting employees' confidence in the pension scheme.
The pension trustee plays a vital role in ensuring a pension scheme is well run. Trustees are responsible for the compliance and administration of the pension scheme. While many of tasks are often delegated to service providers, trustees are ultimately responsible for their pension scheme and must oversee and monitor the service providers.
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The pension trustee plays a vital role in ensuring a pension scheme is well run. Trustees are responsible for the compliance and administration of the pension scheme. While many of tasks are often delegated to service providers, trustees are ultimately responsible for their pension scheme and must oversee and monitor the service providers.
An independent, professional trustee will bring valuable knowledge and experience to the management of the scheme. This contributes to the efficient operation of the pension scheme and supports effective decision-making.
All pension scheme trustees are required to receive training every two years. For a company, this includes all its directors. However, when ITL acts as a trustee, training is not required for the company directors or any employees who are, or could be, trustees.
The roles of the pension trustees, employers and scheme members differ. This means they may have conflicting interests, particularly in areas such as the level of contributions, investment decisions and employee complaints. An independent trustee can help to resolve any potential conflicts of interest and give employees much greater confidence in the pension scheme.
Risk Benefits
In the context of risk benefits, a professional trustee is responsible for overseeing the management of insurance policies and other risk-related financial instruments, with the aim of safeguarding the interests of the plan participants. Their responsibilities include benefit payments, compliance with relevant laws and regulations, and risk management.
A professional trustee can be crucial in providing a high level of expertise, independence and diligence in the administration of risk benefits. They ensure that a trust's assets are properly managed and that beneficiaries’ rights and entitlements are protected.
Appointing ITL as the independent trustee for an occupational pension or risk benefits scheme is a simple and straightforward process.
Please contact our team of pension trust for further information.