Trusteeship, Pension and Risk Management
An independent trustee relieves the employer and member of any potential conflicts of interest and adds to the employees' confidence in the pension scheme.
The pension trustee is crucial in ensuring a pension scheme is well run. Trustees are responsible for the compliance and administration of the pension scheme. Although these duties are often delegated, ultimately the trustees are responsible for their pension scheme and must monitor their service providers. An independent, professional trustee will bring their knowledge and experience to bear on the scheme.
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This knowledge and experience will contribute to the efficient running of the pension scheme and effective decision-making. All pension scheme trustees must receive training every two years (for a company, this means all its directors).
With Independent Trustee Limited acting as a trustee, training is not required for the company directors or any employees who would otherwise be trustees. The roles of the pension trustee, the employer and the scheme member differ and can have conflicting interests, particularly in areas such as the level of contributions, investment decisions and employee complaints. An independent trustee relieves the employer and member of any potential conflicts of interest and adds to the employees' 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, or other risk-related financial instruments, with the aim of safeguarding the interests of the plan participants. This involves tasks such as, benefit payments, compliance with relevant laws and regulations, and risk management.
The role of a professional trustee is crucial in providing a high level of expertise, independence, and diligence in the administration of risk benefits, ensuring that the trust's assets are properly managed and the rights and entitlements of the beneficiaries are protected.
The process of appointing us as the independent trustee to an occupational pension or risk benefits schemes is simple and straightforward.
For further information, contact our team of pension trustee experts.