Governance and scheme secretarial services for Defined Benefit schemes

21st century trusteeship – How well does your Defined Benefit scheme measure up?

As part of its drive to eradicate poor governance, The Pensions Regulator has launched its 21st century trusteeship initiative. This is likely to place more Defined Benefit schemes under closer scrutiny.

A growing number of trustees are turning to experienced scheme secretaries to help them run their schemes more efficiently and to provide a compliant governance structure. They can then focus their time on making key strategic decisions, in the knowledge their scheme secretary will oversee all aspects of pension scheme governance on their behalf.

A good scheme secretary delivers much more than tick-box compliance. They will:

  • Put sound governance structures in place across the scheme cycle
  • Keep accurate, compliant and up-to-date records
  • Co-ordinate service provision across multiple advisers
  • Move processes and actions forward in a timely and organised fashion.

How can First Actuarial help?

Our scheme secretaries make sure everything is in place that trustees need by:

  • Keeping on top of the nuts and bolts of scheme governance
  • Helping to meet the scheme’s key milestones
  • Managing projects, including scheme wind-ups, as required
  • Liaising with third parties such as accountants, scheme auditors and other advisers
  • Providing guidance on regulatory documentation
  • Taking care of meeting preparation, minuting and actions.

We’ll spot issues and regulatory duties that trustees may miss, especially if their day-to-day work lies outside pensions.

In our latest client survey, 100% of scheme secretarial clients who responded were satisfied or very satisfied with our services.

Customer Satisfaction
In our latest client survey, 100% of scheme secretarial clients who responded were satisfied or very satisfied with our services.

We support Defined Benefit schemes of every size and shape in critical areas of governance, including:

Business planning

We’ll produce a business plan, setting out the milestones and responsibilities for core activities such as actuarial valuations and regulatory scheme returns. We review the plan at each meeting to keep work on track.

Risk management

To comply with the Regulator’s risk management requirements and to meet auditors’ expectations, the scheme secretary will produce a risk register. It’s reviewed on an annual basis or following substantial changes.

Conflicts of interest

To meet the Regulator’s expectations, a scheme secretary can set up a conflicts of interest register and a conflicts policy, with processes to identify and monitor conflicts of interest

Internal dispute resolution

The scheme secretary can set up an internal dispute resolution procedure, communicate it to members and administer it, again in line with regulatory requirements.

Trustee training

We help trustees stay compliant with the requirement to keep their pensions knowledge up to date. We provide a range of training courses for trustees and can help trustees identify areas of scheme specific training they would like to receive. The scheme secretary can create and maintain an online register of trustee training completed by each trustee.

Learn more about our governance and scheme secretarial services

Download our brochure

Get in touch

Get in touch to find out more about our scheme secretarial services.

First Actuarial offered us a sensible and well-priced proposition. They supported us very well in uploading all our information in a structured way. We’re not aware of any document going missing in the process. And it’s maintained very well. First Actuarial staff upload documents as soon as they’re issued. When I get documents such as invoices and valuations, whether printed or electronic, I send them to First Actuarial where someone will load them on to the Hub. It’s an easy process.

- Ian Penfold, Chair of the Trustee, PremierFirst Vehicle Rental Pension Scheme

Trustee Directors struggled to find documents until their scheme secretary helped them move Scheme documents to the Client Hub. Find out how the Client Hub saves both time and money for the PremierFirst Vehicle Rental Pension Scheme and the employer, Europcar.

Find out more about our Client Hub

Download our Client Hub brochure.

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First Actuarial case studies

Diabetes UK

With First Actuarial’s governance and scheme secretarial service, Diabetes UK benefits from proactive and efficient support that covers every risk and eventuality.

"I’ve never regretted appointing First Actuarial to carry out governance and scheme secretarial services. They pass every test with flying colours and we feel very lucky. Running a pension scheme involves managing significant risks that can put organisations under acute financial pressure. So it’s worth getting the right tailored service to manage that risk."

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PremierFirst

Trustee Directors of the PremierFirst Vehicle Rental Pension Scheme struggled to find documents, and needed staff support and storage space for the archive held by the employer, Europcar, until they moved to the Client Hub.

“First Actuarial offered us a sensible and well-priced proposition. They supported us very well in uploading all our information in a structured way.
We’re not aware of any document going missing in the process. And it’s maintained very well.”

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The Kennel Club

Concerned about the risk of an Employer contribution increase as a result of high liabilities, Trustees of the Kennel Club Pension Fund turned to First Actuarial.

“They’re extremely professional and helpful. Their input always seems sound, logical and well presented. First Actuarial handled the transition well, they provide us with helpful guidance, and have delivered what they promised when they pitched for the work.”

Read More...
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