The role of an independent trustee of a defined benefit pension scheme is not the most glamorous job in the world…but it carries considerable responsibility, it is demanding and typically very rewarding.
When you strip away the technicalities the key objective of a trustee is to use the powers and authority set-out in the scheme rules to ensure members receive the benefits promised by their employer. Put simply for members it’s about receiving vital lump sums and/or income payments, either on retirement, earlier death. Bringing this about requires many actions, fortunately the Pensions Regulator (TPR) takes its role very seriously by providing comprehensive guidance to trustees as how they need to act in various situations.
This diary guide, written by PTL client director, Paul Stanbridge, will give you a flavour of the issues confronting the corporate trustees.