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Pensions Just Got Tougher

Pensions Just Got Tougher

Following the recent pensions scandals arising out of the collapses of BHS, Carillion, and most recently, Toys R Us, you may have heard reports from the press that employers who neglect their pension responsibilities may soon face criminal sanctions.

There is a real focus now on ensuring pensions schemes are run well, and ever increasing pressure on companies to get this right. In the past it would be common for organisations to have an in-house pension scheme secretary or manager to keep everything running smoothly, but these days it can be difficult for an in-house employee with a full-time day job to find the time to keep up to date with ever-changing legal requirements and best practice in pension scheme governance.

Trustee boards can have excellent investment, legal and actuarial advisers, but if they do not have good and effective governance standards, they are opening themselves up to scrutiny, criticism and possible sanctions from the Pensions Regulator.

By outsourcing the scheme secretarial service to a legal firm, experienced and expert support can be provided to your in-house pensions manager. Employers and trustee boards can be reassured that they are being ‘kept safe’ in terms of fulfilling their obligations and duties. This allows a scheme to be run in a way which ensures full compliance and minimises the risk of complaint from members - or criticism from the Pensions Regulator.

If this service would be of interest to you just let us know and the head of our pension scheme secretarial service, Jennifer Adams, would be delighted to meet with you to discuss it.

By Jennifer Adams
Consultant, Pensions

Burness admin