Independent Trusteeship

Regent Independent Trustees Ltd currently acts mainly as Trustees to Group Life arrangements, particularly in situations where the "occupational pension scheme" has been superseded by a Group Personal Pension or Stakeholder. It was, however, formed with a view to providing independent trustee services when sponsoring companies went into receivership or liquidation and the appointed receiver or liquidator is then under a duty to appoint an Independent Trustee. It is also able, clearly, to act as an Independent Trustee for an ongoing Scheme. We would not act in any other capacity (other than possibly administrator) if undertaking Trusteeship.

Based on our own practical experience of Trusteeship, we have a number of ideas with regard to how trustees should manage their affairs. This includes ensuring that all new trustees receive a "welcome pack" which has copies of all the important scheme documentation. We are also working on a comprehensive checklist and scheme timetable where one could record all the key dates for any scheme which Trustees can then hold and monitor and make sure that their relevant advisers are carrying out the appropriate work at the appropriate time. It is by developing such services that one can ensure that Trustees stay on the right side of The Pensions Act 1995 legislation and not get into trouble with the Occupational Pensions Regulatory Authority.

From our time at Abbey National Benefit Consultants, we have experience in Trustee Training. With the varied backgrounds of many trustees the level of knowledge and expertise they bring to their roles differs greatly. The Myners Report reinforced this view, highlighting the fact many Trustees do not have the knowledge to question and thoroughly interrogate the specialist advisors whom they employ. All of this has meant that Trustee Training has become more important. The key issue, as with all training, is how to make it as effective as possible.

The Training can be delivered in the office, through Computer based training, or via the web. Computer based training has the advantages of being able to be delivered at a time and location suitable to the individual Trustee, in private or as part of a group. Similarly, it allows the Trustee to learn at his/her own pace, and is always available to read as a reference. The web-based training has all the same advantages of the CD training with the additional benefit of:

• Being personalised to meet corporate standards,

• Establishing the level of knowledge before and after the training,

• Providing an auditable trail for proof of personal development.

For further information on Regents service to Pension Scheme Trustees please call 0845 8800227 or contact us using the Enquiry Form.