What we do?
Independent trustee services:
At a time when pension scheme trustees are facing enormous challenges, Open Trustees can help to relieve the pressure. Our independent trustee service is recognised as one of the best in the country.
We understand the issues facing trustees, whether that is increasing deficits arising out of investment underperformance and improved longevity, the weakening of employer covenants or the requirement for trustees to have a minimum level of pensions knowledge and understanding.
These issues combined with a complex and ever-changing legislative backdrop mean that trustees are under constant pressure to improve governance and internal controls.
The threat of personal liability when things go wrong has become a real concern for trustees, due to the need to carefully manage conflicts of interest, greater member awareness of pensions issues and a rise in coverage of pensions issues more generally by the media.
We are appointed to schemes of all shapes and sizes, from ongoing defined contribution schemes where the employer continues to support the scheme to defined benefit schemes that are closed or paid up.
In September 2012 we were appointed to the Pension Protection Fund's trustee advisory panel. As such, we are highly experienced in managing schemes through an assessment period for the purposes of the Pension Protection Fund following the insolvency of an employer.
The appointment of an independent professional trustee can be invaluable. Open Trustees can help your scheme by:
- managing conflicts of interest in decision making
- improving the level of knowledge on the trustee board
- ensuring the scheme's compliance with legislation in a cost effective way
- improving trustee decision making
- assisting with the review, appointment and monitoring of scheme advisers
- reducing the amount of management time and commitment required
- offering sensible, pragmatic and cost-effective solutions
- working closely with scheme advisers and challenging them where necessary
- overseeing the funding and investment strategy of the scheme
- dealing with issues arising in corporate transactions and restructurings
- reducing the risk of co-trustees being found personally liable for their actions
- encouraging employer and member confidence through our experience and impartiality
Trustee secretarial services:
Trustees must be able to focus on the important matters. Our trustee secretarial services can help to relieve the administrative burden of managing a trustee board allowing the trustees to focus on discharging their duties effectively.
Our trustee secretarial services include:
- making arrangements and providing facilities for trustee and sub-committee meetings
- circulating agendas, meeting packs and documentation for meetings
- maintaining a formal record of meetings and decisions
- drafting and issuing member communications
- implementation of liability management exercises
- monitoring of compliance requirements
- project management