Trusteeship Services

The Pensions Act, 1990 brought together and set down clearly the duties and responsibilities of pension scheme Trustees. There is a high degree of overlap between trustees duties under the general principles of trust law and their duties as prescribed in the Act.

Why appoint an independent, professional corporate trustee for your scheme?
•    Remove the need for all Company Directors to undergo Trusteeship Training
•    Provide expertise in the areas of pensions and trusteeship
•    Detailed knowledge of the duties and responsibilities of a trustees
•    Avoid potential conflicts of interest which can occur where an employer or individual scheme member is appointed as trustee.
•    Time and Cost effective as savings in areas such as senior management time, professional indemnity insurance costs and trustee training fees.

Why an employer may not be best placed to act as trustee?
•    New requirement for all directors to undergo regular Trustee Training.
•    No pensions or trustee expertise.
•    May not have the time to dedicate to the role of trustee.
•    Being the employer and trustee is a dual role with different, sometimes conflicting interests and duties.
•    Conflict management may be difficult if the employer is one of the parties to the conflict.

What are the merits of appointing Freedom Trust Services Limited as independent, professional trustee?
•    Cost effective solution
•    Extensive experience in pension scheme administration, trusteeship and management
•    Enhanced employee perception and scheme governance
•    Regular updates on legislation and regulation affecting the scheme and its members.
•    Liaise with the Pensions Board, Pensions Ombudsman or Revenue Commissioners where necessary.

Key Features to our Trustee Service

•    Trustee appointment is the appropriate way to manage pension schemes, as confirmed in the Pensions Board’s Trusteeship Review report.
•    The type and level of service required can be tailored to your specific scheme. This may include how frequently trustee meetings are held, how often investments are reviewed or when the administration is reported on.
•    Flexibility in terms of who the primary contacts are for the scheme, such as the employer representative (MD, Financial Controller or HR Department), the benefit consultant or the administrator.

Proper Management of the Scheme
•    Initial review of the scheme documentation and updates made where required
•    Annual trustee meetings organised and documented correctly
•    Annual administration report completed so the level of service can be monitored
•    Review Investment Management Agreements and ensure that a Statement of Investment Policy and Principles is in place where appropriate.
•    Liaise with the scheme administrator to ensure compliance with all aspect of the Pensions Act. Particularly with respect to Benefit Statements, Statements of Reasonable Projection and completion of Trustee Annual Reports.

•    Dedicated point of contact and streamlined administration service
•    Timely issue of reports, correspondence and statements
•    Systems in place to ensure documentation issued is accurate, up to date and meets all the disclosure requirements within the statutory timeframes

Best Practice
•    Continuous trustee training and attendance at industry seminars
•    High level contact and interaction with Revenue and the Pensions Board
•    Monitoring legislative changes, regulatory updates and professional guidelines
•    Considerable experience of our professional employees in pension scheme administration, management and trusteeship

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