As pension schemes mature and it becomes harder to appoint new member nominated trustees, more schemes look to move to a Sole Trustee structure. It is very important that for sole trustee appointments there is a robust governance framework within the trustee organisation to provide rigorous peer review and additional security for both the Company and members. All of our trustee appointment processes and procedures are independently audited on an ongoing basis as part of our compliance with Assurance Reporting Framework (AAF02/07).
As a sole trustee, we would have exclusive powers, except in certain specified areas e.g. in regard to investment and funding (valuation) matters where the trustees are required to consult with the employer.
As a professional sole trustee we can deliver:
Board Succession – A planned move enables the transfer of historic scheme knowledge from the existing trustee board and enables existing trustee to retire secure in the knowledge that member interest are protected.
Efficient compliance with regulations – Complexity of legislation and investment portfolios means that the duties on trustees to maintain their ongoing knowledge continues to be demanding so a Sole Trustee can maximise the time available Streamlined scheme management – Moving to sole trusteeship can help streamline the delivery of services and lead to shorter timeframes for delivery of some complex areas, which helps control adviser budgets.
Combined scheme services – as part of our sole trustee service we are also able to offer secretariat services as a combined scheme management solution.