Even with the best advice decisions by pension trustees do not always work out as well as hoped for.
Employers can fail, transactions that promised to improve the employer’s position can look less attractive with hindsight.
The time horizon for pension schemes is such that it can be many years before issues are raised.
Sometimes trustees and advisers can be required to explain and justify themselves. Almost all of today’s written communication is electronic and while document management systems (whether these are electronic or paper based) are essential these should always be supported by secure email archiving – i.e. a searchable record of every single email into or out of the enterprise (obviously these days spam must be filtered out first).
One of the best investments we ever made was in our email archiving solution Mimosa Nearpoint (obviously operated in a virtualised environment as all servers should these days – see earlier article).
Lay pension scheme trustees should ensure that secure searchable archiving of all their personal email is in place. They should also ensure that they understand the email archiving and retention policies of their key service providers.
Brian Spence is a founder of actuaries Spence & Partners Limited and a director of independent trustee Dalriada Trustees Limited. You can follow him at @briandspence or @PensionsEndgame on Twitter or link to him on LinkedIn. Dalriada provides professional trustee services and Spence & Partners can provide support to employers in appointing an independent trustee. Brian has written a series of articles on appointing an independent trustee.