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Bristol Myers-Squibb

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Bangor University

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Vector Aerospace

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Kier

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Partner at Taylor Wessing

It isn't easy being a pension trustee...

Topic:

Legal & governance

Date published:

Monday, 5 October 2015

Author:

Simon Riviere

Pension transfers rarely are straightforward nowadays - and it can be hard for a trustee to do their job and keep everyone happy.

Members and the Pensions Ombudsman are concerned about the time it is taking for transfer requests to be processed. Trustees and The Pensions Regulator are (quite naturally) concerned about ensuring a member doesn't transfer to an 'arrangement' through which they end up losing some or all of their money. Unfortunately the two don't go hand in hand - research takes time, and that is a dilemma many pension trustees now face.

Striking the right balance can be hard; but it is so rewarding when you get it right. The trustees of one of our clients recently received a letter from a member thanking them for preventing their transfer from going ahead. The member's friend had not been so lucky...

Read more about the pension transfer dilemma and learn from some real life examples in my article Transfers to improper vehicles: the trustee's perspective

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