David Parish (Pro Cam Europe Limited)
Nick Boyes played a vital role in securing members' pensions and facilitating the wind-up of the defined benefit scheme operated by one of our UK subsidiary companies.
Prior to Nick becoming involved the scheme had been closed to future accrual of benefits for almost ten years. As the scheme only covered a small proportion of our workforce and the business was consistently profitable we could comfortably afford the deficit funding contributions each year. Whilst we had previously engaged a leading pension trustee company to provide an Independent Trustee, they weren’t a good match for us. Outside of the formal trustee meetings neither the Trustees nor the company were receiving the guidance or challenge which was needed from an Independent Trustee.
By early 2015 it became clear to both the Employer and the Trustees that a fresh approach was needed towards the governance of the scheme. Having worked with Nick some years earlier, I invited him to meet with both our Chief Executive and the Trustees and afterwards it was agreed that Able Governance Limited should be appointed as the new Independent Trustee.
Nick immediately recognised that major changes needed to be made to the schemes team of advisers, as the incumbents were either generalists with insufficient specialist knowledge or were representatives of major insurance companies and did not have the flexibility to offer the range of services the scheme required at that stage. Nick then helped arrange a “beauty parade” for the roles of Actuary and Investment Advisers. After meeting three very capable firms, the Trustees were able to select the candidate which everyone felt would be the best fit. Nick also introduced the Trustees to specialist lawyers and other advisers when needed. I consider that building a team of expert advisers, au fait with the challenges faced by smaller defined benefit schemes, was one of Nick’s most important contributions.
Nick then worked effectively with the newly appointed Actuary and Investment Adviser to develop a strategy which would enable the scheme to secure members pensions. This included:
- A thorough review of the investment strategy with the selection of new investment managers;
- Guiding the Trustees through the feasibility of an enhanced transfer value exercise;
- Considering the options available to the Trustees to secure members' pensions ahead of scheme wind-up; and
- Advising the Trustees of their responsibilities in connection with the wind-up.
Nick also made sure that the day to day governance of the scheme was maintained to a very high standard, with appropriate levels of participation from all trustees. Nick ensured that each of the trustees was able to fully participate in meetings and understand the rationale behind decision making.
I found Nick to always be straightforward in his dealings with the company, and was able to balance maintaining a good relationship with us whilst discharging his duties as a trustee.
During 2018 the scheme had sufficient funding was able to secure members’ pension entitlements with a household name insurer, and in June 2020 the wind-up of the scheme was formally completed when the formal deed of termination was finally signed off.
I am very grateful for the support which Nick provided to both the Trustees and the company throughout his involvement with the scheme
Sam Williams (R&C Williams Limited)
We appointed Nick Boyes of Able Governance in December 2018 to help us wind up some old Trust Schemes.
We found him to be very knowledgeable, professional, courteous and helpful in every respect. We would not hesitate to use his services if they were needed in the future and absolutely recommend him to any other business.
Sabine Bisschop (suAzio)
“We are a Belgium based company so not aware of UK regulations about pension schemes etc. When we hired a UK employee, we needed to set up everything for his pension.
After having contacted Nick, he helped me with all the necessary steps. Sometimes, just having to follow the steps, the UK system is sometimes hard to follow for a non UK resident. So Nick gladly took over and sorted everything out for me.
I am really very thankful that he helped me out so that everything was done correctly. Without him, it would have been impossible to do it right.
So thanks Nick for your help.”
Andre Cachia (12 Stars Aviation Limited)
“I am delighted to have been introduced to Nick Boyes and give a full recommendation for his professional services.
Since the beginning of our collaboration, Nick has been energetic and goal oriented to resolve the obstacles presented in a very swiftly manner.
He was able to get all parties on the same page due to his diligence and persistence. His extraordinary ability to analyse problems and offer solutions is simply second to none.
I do not believe this level of service would have been achieved from working with a large firm and it is now of my firm opinion that going with small companies who offer a bespoke and one to one service is simply the only way to do business.“
Michael S Douglas (Quo Group)
“Many, many thanks for sorting out this hugely difficult issue for me. Prior to your input in managing this, it seemed to be continually going round in circles.
I admired the creative and pragmatic approach you brought to resolving the problems and the drive behind moving things forward, you achieved where others before you have failed. Without the ability to tap into and use your extensive knowledge of both pensions regulation and markets, coupled with your professional connections, it would have been unlikely that my objectives would have been met at all, let alone so quickly.
Thank you once again, you are a true star.”