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PTL brings invaluable professional knowledge and experience to the group, helping us to remain focused and operating in a disciplined manner in accordance with our responsibilities as trustees.
At LV=, we use PTL to help us with issues where we need specialist help. For example, they have recently helped us with our governance arrangements, making sure that we have robust processes for dealing with investment strategy in periods of stress, and in negotiations with the employer on contributions. What they brought to us was a clear understanding of what best practice looks like today and a practical, impartial view of what is a sensible compromise between the needs of the scheme and the employer. In doing this they have always been at pains to ensure that the Trustees understand and agree with the actions being proposed.
Mabey Holdings Limited and the Trustees of the Mabey Pension Scheme were finding the burden of keeping all company and Member Nominated Trustees up to date and compliant with all legislation. This was becoming unduly time consuming and costly. Additionally, conflicts of interest were becoming a significant issue. PTL was initially appointed as an additional Trustee and demonstrated a practical, pragmatic and professional approach during a very difficult period. Two years on, PTL is now the sole Trustee of the Mabey Pension Scheme.
We appointed PTL in 2008. We have found this appointment to be one of the best decisions we have made. It has allowed us to:
As both a company Finance Director and Trustee of some of the company’s pension schemes I recognised the need to increase the knowledge of our trustee boards as well as to correctly manage conflicts of interest. We sought out an Independent Chairman of Trustees for our various schemes. We wanted someone who was properly qualified, had extensive knowledge and experience and a practical approach whom we could work with rather than against. I expect in this regard we are no different to many medium sized companies with old defined benefit schemes. What surprised us is that there are so few such people around. We were glad to find Richard Butcher. His appointment strengthened the pension schemes’ governance for the benefit of the members whilst at the same time gave the company someone it could work with.