Challenging times ahead for trustees

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Pension schemes have long been subject to complex regulation. Employers, pension trustees and pension managers have always had to take into account the differing demands of complying with pension legislation, meeting member expectations, investing scheme assets appropriately and controlling budgets.

However, due to a combination of the continuing complexity of legislation, the increasing expectations of scheme members and the need for pension schemes to move to more sustainable investments, all pension schemes, employers and advisers are having to rise to new challenges.

Pension schemes in the United Kingdom account for many billions of pounds in assets, and help support the lifestyles of millions of people in retirement. Responding to these challenges and developing the best outcomes for both members and the employers who support these pension schemes is leading to increasing appointments of professional trustees and professional scheme managers.

At Pi Partnership we are seeing an increasing requirement not only to demonstrate compliance with the regulations, but to also provide more proactive support as pension professionals. The ongoing economic situation means employers are also under increasing pressure, so managing their pension responsibilities is ever higher on the agenda. Securing liabilities to reduce strain on balance sheets, or running schemes more efficiently, are where professional expertise can add value.

The need to inform and educate scheme members has never been more important. People have greater choice about how to take their pension than ever, which means that better, more targeted information is also needed to help them make the best decisions.

Whether we are appointed as trustees or as scheme managers, the need to run pension schemes as efficiently as possible is a core requirement. Pension schemes are complex and need support from a number of professional advisers, but there is also a need to manage budgets, and delivering value for money is essential.

Coupled with the need for efficient scheme management is that of a growing understanding of risk management. Risk also means opportunities, and balancing the need to drive sustainable investment opportunities alongside consistency of long-term investment returns is a key focus of pension schemes, that will help protect not just members at retirement but also underpin our planet’s long-term sustainability.

The team at Pi Partnership have been providing quality independent advice and support to pension schemes for many years. Continuing to evolve to meet the increasing challenges of our clients is central to our ethos and culture as an employee-owned business. Whether we are being appointed as professional trustees, chosen to act as scheme managers, engaged to select advisers or provide other specialist governance services to trustee boards, we understand the need to deliver solutions that meet today’s challenges.

Contact us for professional and independent help to meet your pension scheme challenges.

Originally published on Business Reporter