If you help clients manage the governance and administration of pension schemes that provide defined benefits (DB) you may need to focus on a number of areas.
These may include the following areas.
Scheme governance and controls
Advise trustees about how they must establish and operate internal controls that enable them to identify, evaluate and manage the risks that relate to their scheme.
- Internal controls code: sets the standards for all schemes.
- Internal controls code-related guidance: provides guidance on how to meet the standards in the Internal controls code.
Work with trustees to help them achieve good record-keeping and efficient internal controls. This should help to ensure good scheme governance and that data is up to date, complete and accurate.
Work with trustees and employers to set their contribution rate, maintain a schedule of contributions and check that the employer makes the correct payments.
Providing information to members
Advise trustees on what information they need to make available to members, prospective members and other people entitled to benefits under their schemes.
Managing conflicts of interest
Help your clients to identify, monitor and manage conflicts of interest that might or do arise in their role as trustees of a pension scheme.
Governance best practice examples
We have published a number of best practice examples of scheme governance. These represent trustee behaviours we have observed which we believe that trustee boards striving for excellence can learn from.
You may also want to read our guidance for trustees on managing DB benefits.