Overcoming Barriers

Overcoming barriers

Understanding what is happening on the shop floor is important – An independent trustee or sole trustee company will add pensions experience to a board, but lay trustees offer an understanding of what is happening within the employers’ business. As an independent we are happy to work alongside and help/train lay trustees in this role. We want to help not hinder.

Loss of historical scheme information – if lay trustees are no longer happy to fulfil a trustee role, HS trustees can help. Appointing a “new face” can seem daunting, however we are confident we can deliver results. If you are considering moving from a trustee board to a completely new sole trustee can result in the loss of historical scheme information. It is therefore important that any sole trustee works with the existing board and advisers to understand the history of the scheme. A consultative committee of former trustees, for a limited period, can assist the transition of the scheme to sole trusteeship.

Member perception – any change in the trustee board needs to be communicated to members. Appointing an independent trustee or moving a scheme from a trustee board containing member nominated trustees to a sole independent trustee appointed by the sponsor can, if not communicated properly, cause concern to members; HS Trustees will guide and help with the change communication. Questions around the true independence of the independent or sole trustee will be need be addressed. It is important in these situations for the new trustee to have a good communication strategy with members to allay any fears. If the sole trustee is the preferred approach, we can offer an annual meeting with members to explain the developments in the scheme during the year and to answer any questions members may have.