Many schemes value an independent, professional scheme secretary.
It is easy to think that a pension scheme secretary simply organises meetings and takes minutes. The reality is that the secretary to a trust based pension scheme is the equivalent of a company secretary and their role is significant, including:
- providing additional pensions expertise to support a pensions manager or take on many aspects of that role if there is none
- ensuring that trustees use all external advisers and suppliers in the most efficient and appropriate way, and that all parties work together effectively
- acting as a bridge across different schemes, or sections of a scheme, to ensure all parts are run efficiently and that employees understand their total pensions portfolio and how they interact
- developing a governance framework that meets regulations and adopts best practice
- ensuring the scheme remains compliant and provides a good outcome for members
- supporting the chair of trustees in ensuring work is actioned between trustee meetings
- understanding the nature of the employer/trustee relationship, which in turn helps to create a positive working relationship between trustees, the sponsor and scheme advisers
- keeping accurate records, creating a key reference point for formulating scheme decisions
- helping to identify, and deliver, trustee training needs
Whether your scheme is closed or open to future accrual, a professional scheme secretary could make a real difference to the way things are run, and save you unnecessary time and costs. Not only is Mazars Employee Benefits experienced in providing full scheme secretary services, our wider team of actuaries and consultants allows clients to draw on a depth of expert knowledge where required, ensuring our scheme secretary service adds value to you far beyond the trustee meeting.