We provide a comprehensive service as Independent Trustees of final salary pension schemes.
Our client is a firm of Chartered Accountants who have a final salary pension scheme for a section of their employees. The trustees of the pension scheme were two equity partners of the practice and one member trustee who was a busy manager in the practice.
The trustees felt they didn’t have enough time to focus on all of the legal requirements of running the scheme. We were appointed as an Independent Trustee to help run the scheme, and ensure all of the onerous liabilities of being trustees were properly understood and all the legal requirements met.
We provided a detailed report on the issues surrounding Pension Simplification and the changes the trustees needed to make to their scheme rules. We also provided detailed advice on Age Discrimination and how it affected the scheme.
For a fixed annual fee, we attend all trustees meetings (up to four a year), and act as secretary to the trustees preparing agendas and recording the minutes. We provide practical assistance, ensuring the trustees comply with the trustee knowledge and understanding requirements of the Pensions Act 2004. We provide guidance on all other administration, technical, and legislative issues affecting the scheme.
The trustees see our appointment as an Independent Trustee as best practice and agree the scheme has benefited substantially since our appointment. We continue to provide individually tailored advice to help run their scheme.