Client feedback


Clare Owen has been a really excellent scheme secretary
Appointing Kevin as KBC professional trustee was one of the best decisions the bank took. He complements the other two trustees and also appreciates the position of the employer too. The experience a professional trustee adds is invaluable and they can share their knowledge and market practice within the KBC plan. Kevin manages the budget in consultation with the bank, fully debriefs all parties and maintains a constant dialogue with myself (as HR Manager) and trustees. Since we have worked together for a number of years, Kevin also appreciates some of the limitations we face ie budgets, and always comes up with a proactive approach and solution. His input is particularly valued by the bank trustee who is an actuary in our pensions department in Belgium Head Office.
Sharron King,
KBC Bank
Very professional and engaged service.
Danny Nussbaum,
HR Director, Volvo
Edwin’s working to ensure the other trustees get involved. Last year he took more of a leading role, which I was very grateful for. He is well organised and proactive. Feedback from external advisers has been good.
Jeremy Barnard ,
Imerys
Always willing to get involved and move things forward.
Steve Sampson ,
LGC
The trustee training course lecturers' explanations and willingness to answer questions were most valuable - even silly ones - although I have learnt there are no 'silly questions' that trustees should ask.
Anonymous

A fortunate twist of fate

Pensions industry folk do love a good technical challenge. We certainly had fun with one client where the scheme's principal employer was itself a trust.

Why was that an issue? Well, at the time we took the client on, the identity of the statutory employers for Pension Protection Fund (PPF) purposes was not at all clear.

Having taken legal advice, we discovered the principal employer would not be eligible for PPF entry in the event of insolvency of the sponsoring trust - and this was a significant risk for some of the pension scheme's members. As a pension trustee, we needed to act in the best interests of members so we looked for a solution that would provide them with greater protection.

With several participating employers and yet more companies in the wider group linked to the main trust, we had a few options to consider. These included using a flexible apportionment arrangement (FAA) or making a change to which legal entity was the pension scheme's principal employer.

In the end, a fortunate twist of fate saw a change in legislation that resolved the situation for us. However, there were other benefits to the process - greater certainty, more security and a stronger covenant assessment.

You can learn more in the detailed pension case study: Trust as a principal employer

 

 

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