Governance and scheme secretarial services

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Governance and scheme secretarial

21st century trusteeship – How well does your Defined Benefit scheme measure up?

As part of its drive to eradicate poor governance, The Pensions Regulator has launched its 21st century trusteeship initiative. This is likely to place more Defined Benefit schemes under closer scrutiny.

A growing number of trustees are turning to experienced scheme secretaries to help them run their schemes more efficiently and to provide a compliant governance structure. They can then focus their time on making key strategic decisions, in the knowledge their scheme secretary will oversee all aspects of pension scheme governance on their behalf.

A good scheme secretary delivers much more than tick-box compliance. They will:

  • Put sound governance structures in place across the scheme cycle
  • Keep accurate, compliant and up-to-date records
  • Co-ordinate service provision across multiple advisers
  • Move processes and actions forward in a timely and organised fashion.

How can First Actuarial help?

Our scheme secretaries make sure everything is in place that trustees need by:

  • Keeping on top of the nuts and bolts of scheme governance
  • Helping to meet the scheme’s key milestones
  • Managing projects, including scheme wind-ups, as required
  • Liaising with third parties such as accountants, scheme auditors and other advisers
  • Providing guidance on regulatory documentation
  • Taking care of meeting preparation, minuting and actions.

We’ll spot issues and regulatory duties that trustees may miss, especially if their day-to-day work lies outside pensions.

In our latest client survey, 100% of scheme secretarial clients who responded were satisfied or very satisfied with our services.

In our latest client survey, 100% of scheme secretarial clients who responded were satisfied or very satisfied with our services.

We support Defined Benefit schemes of every size and shape in critical areas of governance, including:

Business planning

We’ll produce a business plan, setting out the milestones and responsibilities for core activities such as actuarial valuations and regulatory scheme returns. We review the plan at each meeting to keep work on track.

Risk management

To comply with the Regulator’s risk management requirements and to meet auditors’ expectations, the scheme secretary will produce a risk register. It’s reviewed on an annual basis or following substantial changes.

Conflicts of interest

To meet the Regulator’s expectations, a scheme secretary can set up a conflicts of interest register and a conflicts policy, with processes to identify and monitor conflicts of interest

Internal dispute resolution

The scheme secretary can set up an internal dispute resolution procedure, communicate it to members and administer it, again in line with regulatory requirements.

Trustee training

We help trustees stay compliant with the requirement to keep their pensions knowledge up to date. We provide a range of training courses for trustees and can help trustees identify areas of scheme specific training they would like to receive. The scheme secretary can create and maintain an online register of trustee training completed by each trustee.

Training courses for trustees

If you have any concerns regarding your current governance processes, we’ll be happy to review these and recommend improvements to help ensure you’re compliant with the Regulator’s expectations.

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Why choose First Actuarial?

100% of scheme secretarial clients who responded to our client survey were satisfied or very satisfied with our services. And 100% were satisfied or very satisfied with the quality of advice we gave. What’s more, 100% said our services were better than those of their previous provider.

Our scheme secretaries are experienced in supporting trustees of schemes of varying shapes and sizes. Diligent, well organised and supported by technology that helps them to manage the numerous governance expectations placed on Defined Benefit scheme trustees, they will provide a high-quality service that you can trust and rely on.

We help trustees save time and take care of the challenges of regulatory compliance. We work flexibly according to the varying needs of schemes and trustees.

We provide information in ways that best suit individual trustees. For trustees who adopt our Client Hub, our scheme secretaries will upload scheme documentation to make it available online at any time. The Client Hub is proven to save both time and money. Other trustees prefer printed documentation. Your scheme secretary will be happy to work in whichever way suits you best.

We can work with trustees whose Scheme Actuary works for First Actuarial, or we can work with a third-party Scheme Actuary if required.We’ll position your scheme to meet challenges and seize opportunities as they arise.

Learn more about our governance and scheme secretarial services

Download our brochure

Download our brochure

Get in touch

Get in touch to find out more about our scheme secretarial services.

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First Actuarial offered us a sensible and well-priced proposition. They supported us very well in uploading all our information in a structured way. We’re not aware of any document going missing in the process. And it’s maintained very well. First Actuarial staff upload documents as soon as they’re issued. When I get documents such as invoices and valuations, whether printed or electronic, I send them to First Actuarial where someone will load them on to the Hub. It’s an easy process.

– Ian Penfold, Chair of the Trustee, PremierFirst Vehicle Rental Pension Scheme

Trustee Directors struggled to find documents until their scheme secretary helped them move Scheme documents to the Client Hub. Find out how the Client Hub saves both time and money for the PremierFirst Vehicle Rental Pension Scheme and the employer, Europcar.

Read the case study

Find out more about our Defined Benefit services

Download our Defined Benefit brochure

Download our brochure

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First Actuarial provided proactive governance and scheme secretarial services that cover every risk and exceed expectations at Diabetes UK.

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PremierFirst gained cost and time savings and makes Scheme information easy to find by migrating to First Actuarial’s secure Client Hub.

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First Actuarial's actuarial valuation placed a sensible value on liabilities and removed the risk of unaffordable employer contributions.

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