The obvious question regarding acting as a pension scheme trustee in the current environment is: who in their right mind would want to take on a role for which they have had no relevant training or experience, which carries unlimited personal liability, up to and including the value of your house, in an increasingly litigious world, and provides little tangible reward?
Company directors are finding it increasingly difficult to perform both the role of company director and pension scheme trustee given the potential conflicts of interest that exist around setting scheme contributions, agreeing future investment strategy or dealing with a corporate restructure. Read more »
Do it yourself is supposed to be cheap, but taking this approach to final salary pension schemes may end up costing firms a lot more than they realise.
On the back of recent cases such as Trustee Solutions Ltd and others v Dubery and Sovereign Trustees Limited v Glover and others, the potential pitfalls of eschewing professional advice and administering a scheme incorrectly are fast becoming clear. Read more »
Back in the old days, by which I mean pre the 1995 Pension Act, pensions was a man’s world. That’s possibly a bit sexist but bear with me. Consulting colossi bestrode the trustee meetings of the day dispensing advice with a devil may care attitude and an unfeasible moustache.
”Your pension scheme needs amending?” they would roar, unsure whether it was a question or a statement, but undeterred all the same. “I’ll sort that out for you myself, no need for those awfully expensive lawyer chaps.” Read more »