The following people may be involved in running your pension scheme:

• Trustees
• Pension providers
• Employers
• Administrators
• Investment consultants
• Actuaries
• Fund managers
• Accountants
• Financial advisers

Everyone has their own individual and important part to play, for example:

• trustees need to have the right knowledge and understanding of the scheme plus pensions law and investments (this is known as TKU)
• actuaries need to be clear about our scheme funding guidance
• administrators need to put in place appropriate processes to capture and manage scheme data
• investment consultants need to both understand, and be able to clearly explain, the investment options they offer to schemes.

For your scheme to run successfully, everyone needs to know exactly what their role is and what they must do.

Although many people may make decisions about the scheme everyday, trustees are ultimately accountable for these decisions. It is therefore important that trustees put processes in place to monitor the actions of all the other parties. These processes are called internal controls and are key to making sure your scheme runs smoothly.

Find more information about the role of trustees and employers.