Defined Benefit schemes have a rich history of rule changes, growing regulatory expectations and legislative requirements. The task of developing and maintaining a robust governance system within this landscape has been and continues to be tricky.
Trustee Boards need to be confident that their Governance and Secretarial service allows them to focus on key decisions knowing that they have an Effective System of Governance (ESOG).
- Decision making needs to be informed, recorded and auditable.
- Documents need to be up to date and accessible in a secure environment.
- Business plans need to be maintained, actions recorded and monitored, and future activity planned for.
Those who have the experience, the technical resources and the manpower are best placed to take on this task.
The trustees can then apply themselves to the strategic thinking and decision making needed to create a safe and sustainable retirement for their members.