Pension Schemes and Trustee Responsibilities

Given the highly technical nature of pensions law, and the potentially heavy personal liabilities for individual lay trustees, relevant and specialised advice is a necessity rather than a luxury. We are able to offer this advice on a basis which is straightforward and affordable.

The following is a list of services and solutions that we offer:

  1. Trust deeds and rules for new occupational pension schemes (plus updating service for existing schemes).  Note that The Pensions Regulator’s requirements are that such documentation is updated at least every 5 years.
  2. Through our separate trustee company, we can act as an independent trustee of all types of occupational pension schemes. This relieves employers from providing individual lay trustees (whether directors or from the workforce) thereby minimising personal liability exposure and removing the statutory requirement for Member Nominated Trustees (“MNTs”) and the Regulator’s requirements for providing training for such lay MNTs.
  3. Managing deficits (and less frequently these days surpluses) in final salary schemes including the impact of levies payable to The Pension Protection Fund.
  4. All tax aspects of the Finance Act 2004 dealing with Registered Pensions Schemes and the new flexible pension access rules announced in the latest Budget.
  5. Blowing the whistle to the Pensions Regulator and /or The National Crime Agency in respect of maladministration, breach of trust, fraud etc. in relation to pension arrangements.
  6. Auto Enrolment advice for employers.
  7. Drafting complaints or defences in respect of alleged maladministration causing injustice made to the Pensions Ombudsman.
  8. Pensions litigation through the High Court (for complainants or defendants) including pension trustees seeking directions from the Court.
  9. Advice on pension scheme transfers.
  10. Advice on compliance with pension trustees’ obligations regarding managing scheme investments including the statutory requirements to take investment advice (even in respect of insurance company schemes) and where appropriate have a statement of investment principles.
  11. Advice dealing with the pensions aspects of corporate sales, acquisitions and mergers.
  12. Setting up SSASs and providing (where required ) ongoing trusteeship and /or administration services and /or tax advice (particularly with regards to investments and payments to members so as to avoid draconian tax penalties).

We assist IFAs wishing set up new SSASs for their clients or taking over SSASs from other advisers/insurers and wanting to provide their new or existing clients with a full range of SSAS updating services including trust deeds and rules and/or tax advice and/or SSAS administrative services.

The above is a none exhaustive list of the services that we offer. Please call us to discuss your own situation.

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