Sixty Second Summary
21st Century Trusteeship - chapters 5 & 6 – Pension Fund’s Got Talent
04 Apr 2018 - Estimated reading time: 60 seconds
The latest instalments of the Pensions Regulator’s 21st Century Trusteeship campaign continue to provide the Hymans’ team with tenuous opportunities to reference popular culture. This time we have tied it to that Saturday night favourite ‘BGT’1. Chapter 5 “Skills and Experience” focuses on the need to ensure there is Diversity2 within your Pension Committees. Chapter 6 continues the talent theme, looking at the calibre of the advisers and service providers you might use and how you manage those relationships.
Let’s remind ourselves…. What is “21st Century Trusteeship”?
The primary aim of the 21st Century Trusteeship campaign is to drive up standards of governance in pension schemes, in order to ensure better outcomes for scheme members. Quite rightly much of the focus in recent years has been on ensuring your pension committee and pension board members have the required knowledge and understanding in order to fulfil their respective roles. Underlining that point, the first 4 chapters of the campaign reinforced the importance of this.
What is in the latest chapters?
With the latest two chapters the focus now shifts beyond this knowledge and understanding requirement and picks up less tangible skills that your committee and pension board require – how has it organised itself as a group and how does it manage its relationship with advisers and service providers?
Skills and experience - the key theme of chapter 5 is clearly the need for diversity within your committee and the dividends that a well-balanced and varied group can bring in delivering a well-managed Fund.
To read our full summary, please download a copy of our 60 second summary.
If you have any questions or concern in the area of training and skills assessment, or indeed on anything from these latest chapters in the Pension Regulator’s 21st Century Trusteeship campaign, then don’t hesitate to get in touch.
1 That’s Britain’s Got Talent for those of you who have never had the pleasure
2 Series 3 winners, pipping Susan Boyle and her Wild Horses