Pension Meetings Ltd

Independent specialist secretarial services – why?

Many pensions managers/scheme secretaries were seen as surplus to requirements when defined benefit schemes closed to new members. This was based on the optimistic but often mistaken belief that there would no longer be anything much to do on the pensions front.

Unfortunately, trust-based schemes – whether open or closed – have endless chunks of procedure and regulation surrounding them. Much of what trustees have to do is done only as a tick-box exercise to confirm they’ve done it. Navigating through the complex legislation is tough enough for a specialist, never mind a hapless company secretary or HR generalist who was left holding the parcel when the music stopped.

Plenty of finance directors have been puzzled and frustrated by the cost and difficulty of running a closed scheme. The reality is that where there is nobody in house with the skills and knowledge to handle everyday enquiries and instruct the advisers, even the most honourable and competent external pensions professionals have struggled to meet budgets and timescales.

Independent trustees are frequently promoted as a panacea for all pension ills, but trustees do not generally carry out the essential legwork associated with running a scheme. An independent specialist secretary may be a better and more cost-effective option/addition, depending on the needs and expectations of the trustees and the employer.

A permanent independent secretary may not be necessary. There may be times when their presence really helps to take the pressure off the employer’s staff, or provides reassurance for scheme members during significant corporate activity such as a merger. Aside from that, their services can be used on an ad hoc basis, ensuring that expertise is readily available when needed but costs are kept under firm control.

Independent pension scheme secretaryship, management and communications

Independent specialist secretarial services – why?