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NAPF West Midlands Autumn Conference 30 Nomber 2005
25 Nov 2005
Pension Scheme and Governance
Scheme and Governance
- Risk reviews
- Governance structure
- Business Plans
- Governance Manual
- Periodic Assessments
Risk Reviews
- Identify your risks
- Gauge impact and probability
- Specify controls, ownership and reporting requirements
- Review cycle
Governance Structure
- Committees and other delegations
- Terms of reference and reporting
- Job descriptions
- Conflicts of interest and duty
Business Plans
- Statement of objectives
- Rolling programme
- Progress monitoring
- Keep them in mind
Governance Manual
-Chariman
-Trustees
-Secretary
- Trustee Committee Structure
- General objectives
- Terms of reference
- Business plans
- Risk review
- SIP
- SFP
- MNT arrangements
- Dispute procedure
- External delegations
Assessment of Trustees
- Chairman
- Appointed trustees
- Nominated trustees
- Professional trustees
Assessment of Providers
- Administrator
- Actuary
- Auditor
- Custodian
- Doctor
- Fund consultant
- Fund manager
- Lawyer
- Secretary
Benefits
- Alignment of expectations and delivery
- Recognition of good service
- Control of costs
- Updating the relationship
- Receiving the feedback
- Planning ahead
Process
- Frequency
- Format
- Preperation -> Existing terms
-> Market information
->Perecived vale
Issues
- Contractual terms
- Responsiveness and proactiveness
- Calrity and relevance of output
- Adeuqcy of resource and continuity
- Level of client support
- Conflicts of interest and duty
- Liability cap
- Cost
Trustee Assessment of Service Providers
Legal Services/Investment Consultant/Actuary
Advice
Good <-> Bad
- The relevance and accuracy of advice provided 1 2 3 4 5 6
- The clarity of explanations and information suplied 1 2 3 4 5 6
- The practicality of recommendations 1 2 3 4 5 6
- The adviser's understanding of your needs as Trustee 1 2 3 4 5 6
- The adviser's ability to provide solutions to problems 1 2 3 4 5 6
Communication
- The quality of oral presentations 1 2 3 4 5 6
- The quality of reports/other correspondence 1 2 3 4 5 6
- The frequency of communication of issues affecting the scheme from the legal sphere 1 2 3 4 5 6
Trustee Meetings
- The depth of preparation 1 2 3 4 5 6
- The value of the adviser's contribution at Trustee Meetings 1 2 3 4 5 6
Professional Relationships
- The suitability, in terms of seniority, of the adviser 1 2 3 4 5 6
- The professionalism of the adviser 1 2 3 4 5 6
- The "proactiveness" of the adviser 1 2 3 4 5 6
- The approachability of the adviser 1 2 3 4 5 6
- The adviser's knowledge of the Scheme 1 2 3 4 5 6
Quality of Service Provided Overall
- Efficiency 1 2 3 4 5 6
- Speed of response 1 2 3 4 5 6
- Ability to meet deadlines 1 2 3 4 5 6
- Value for money offered 1 2 3 4 5 6
- Transparency of fees 1 2 3 4 5 6
Additional Comments
Charging basis:
Last year's costs:
Next year's issues:
Pension Trusteeship
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