Pensions Manager Issues

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A Pensions Manager, whether full or part time, has a simple objective to ensure that pension promises are clear and delivered efficiently.

 

Employers and Trustees should share that objective, but some aspects may be the responsibility solely of the Employer, others solely a set of Trustees and; others may be unclear or unknown.

To achieve this objective, there needs to be an understanding of the many components involved (but not a detailed expert in every area -  impossible!!) and a means of ensuring that each is  dealt with appropriately. All parts then need incorporating into a coherent whole.

See Pensions Management



What can you do?

 

Be Clear on what goes on

 

A good start point is knowing what goes on at the moment and having a clear path of what information is held and how its managed on a day-to-day basis. This is a simple check list to get you on your way:

 

Ensure schemes are constituted properly

Ensure Documents and Membership Data are accurate and up to date

Ensure Trustees and Employer structures are in place

Ensure a clear structure showing who is doing what

Record and manage complaints effeciently

 Establish a clear Employer strategy

Record and address Trustee concerns about funding, and

Declare potential conflicts of interests openly (pension manager's veiwpoint)

 

 

Be Clear on responsibility for document production

 

The Trust Deed is critical for a trust based scheme and will be signed by both parties, but knowing where responsibility lies for updating it is rarely defined.

This would naturally default to a Pensions Manager to get organised;

but for example:

totally embarrassing if at the same time the Chair of Trustees instructed  the Trustee's   solicitor to produce a first draft and The Company Secretary did the same to the   Company's adviser

- or even worse, nobody did anything by assuming it was being done by others.

 

Many an expensive legal battle has taken place over interpretation and intent. It is absolutely imperative that the Trustees and Employer are in full agreement of the intent so that who-ever produces the final document does so in a way that minimises ambiguity and scope for future dispute.

 

Whilst a Pensions Manager should not be held liable for any wording in the document, it is important, (for all interests), ensuring that the Employer and Trustees  alike are both in agreement that whoever is drawing up the document is charged with the responsibility of ensuring that it complies with intent. For this purpose it is not a question of independent advice to the Trustees and Employer respectively, but acting for their future mutual benefit.

 

Next Steps



Once the foundations are in place, all other topics and disciplines will follow.

Click here to find out more about how the ARC Benefits approach can create a clear path forward.



Go to Solutions to find out how adopting ARC-aid can help you manage your schemes with clarity and efficiency, and ensure future peace of mind.



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