Independent Trustees

Able Governace has decades of experience acting as professional independent trustees for defined benefit pension schemes and trust-based defined contribution pension schemes.

We can bring our extensive experience to bear by acting as chair of the trustee board, ensuring that there is a well-considered strategic plan for the scheme.

Appointing Able Governance as a professional trustee is less expensive than you might imagine. Like any good professional, what could be considered as an extra cost burden can usually act to save money and reduce risk. Contact us to discuss our fixed fee and monthly budgeting arrangements.

Acting as a trustee of an occupational pension scheme is an onerous responsibility, and one that presents many challenges - which is what makes it so interesting! In trust-based occupational pension schemes, the pension funds are held by the trustees, who have a responsibility to look after the interests of the members. This is common to both defined benefit and defined contribution schemes, despite their other differences.

Regardless of the type of scheme, the trustees must ensure that:

  • the contributions paid by the employer and the members are accurately calculated, deducted and paid to the trustees within prescribed time limits;
  • invested in an appropriate manner; and
  • benefits are administered efficiently and in accordance with the scheme rules.

Getting any of this wrong due to poor systems or a lack of monitoring could lead to the trustees being held personally liable for any loss suffered by the members.

Appointing an independent professional trustee is a very effective way of boosting the overall level of technical knowledge of the trustee board, and bringing best practice to bear on the board's governance of the scheme.

The role of the trustee of a defined benefit (such as a final salary) pension scheme differs in some ways from those of a defined contribution (aka money purchase) scheme in that there are more opportunities for the interests of the sponsoring employer and the trustees to clash. The trustee issues that affect these types of schemes are examined separately in our Defined Benefits and Defined Contribution Trusteeship pages.