PTL, a leading independent trustee and governance services provider, today announced the launch of ‘Lifetime: DC Governance Focused on Members’.
This new suite of tools has been designed and developed specifically with Defined Contribution (DC) in mind to help, guide and empower employers and trustees to establish an optimal DC governance framework for their schemes.
Richard Butcher, Managing Director of PTL explained; “We have been saying for some time now that DC is the future in pension provision. It is, also, now. Auto-enrolment is a year old this week and hundreds of thousands of workers have been enrolled into DC schemes during that year. At the same time, DB pension schemes closures continue, with most employers replacing it with a DC scheme. We estimate that the total DC population could be 20 million workers by 2018. In other words, a lot of people are going to be relying heavily on DC for their pension income.
“It is, therefore, hugely important to members, employers, the wider economy and society at large, that DC works as best it can. It has to be really efficient, it has to be more reliable and it has to be, most importantly, more member focused.”
Butcher continued; “Unfortunately many trustees and governors still see DC as some kind of subset of DB and relevant tools and strategies have not been sufficiently developed. DC governance requires a different focus and mindset alongside a completely different set of governance tools. It has to be more granular as it is much more time sensitive and risk intolerant.
“PTL has learnt a lot of these lessons over the last three years mainly thanks to the work we have done on the various Master Trusts we have been appointed to. Currently we are working on about a dozen, we are trustee to all of the Insurer Master Trusts, as well as some of the Investment Manager and Consultants’ Master Trusts. It is a good time to take this knowledge and skills to the wider market. Lifetime is a DC governance package where we have pooled all of our DC skills and experience, tools and resources. Over the coming weeks and months we will be rolling our various initiatives which we believe will greater empower trustees and employers in this new DC world.”
PTL Lifetime: DC Governance Focused on Members is a package of tools developed specifically for and relevant to DC pension schemes including trusteeship, GPP governance and investment sub-committee governance.
It has been given its own brand identity and logo and more information can be found by clicking here
In the News
- Blog: “Putting Savers First”, 27 October 2014 – click here
- Employer Benefits, 04 October 2013 – click here
- Professional Pensions, 03 October 201 3- click here