Client feedback

“Many organisations and people provide the services that clients need. In my opinion, the differentiator is in the way those services are provided and to that extent, Kathy embodies the qualities that I have come to value from PSITL. Kathy is organised but not fussy; diligent but not dogmatic; persistent without being pushy and compliant in a pragmatic way. Whilst she takes ownership and drives issues forward, Kathy is a team player who uses her and her colleagues experience to provide services to her trustee client whilst working closely with those like me representing the sponsoring employer. She works collaboratively with advisers but constructively challenges the scope of services, fees and service standards whenever necessary and makes sure that member needs are always taken into account. I enjoy working with her and trust that she will deliver what is required by the trustee and the members they represent in a manner satisfactory to the sponsoring employer. ”

Stuart Barker,

Internal Pensions Consultant, RSPCA

“Where PSGS are appointed to act in conjunction with an existing body of trustees, we have found that they are quickly able to fit in well and gain the trust and respect of their co-trustees. ”

Duncan Buchanan,

Partner at Hogan Lovells

“We chose PSGS because of the experience of the team and the feel of the relationship seemed the right fit.”

Paul Staniland,

Chair of Governance Committee, Kier Group Pension Trustees

“Highly informative. Having leading professionals deliver the TKU course really adds value.”

Jonathan Williams ,

Bangor University

“These days, Boards need real expertise on tap (with excellent back-up) to cope with a constantly evolving and more regulated environment. PSGS is geared to delivering that.”

Ray Pygott,

Partner at KPMG LLP

“The Trustee training was very interactive and the presenters were engaging - thank you.”

Nick Marsh,

Comet Pension Scheme

Leave or remain, new EU data protection laws may be with us either way

Topic:

Legal & governance

Date published:

Thursday, 24 March 2016

Author:

Gillian Graham

The long awaited General Data Protection Regulation (GDPR) has finally been agreed in principle, with regulations expected around June 2016.

As it applies directly to EU Member States, national legislation isn’t needed. Fortunately, we have two years to comply. Saying that, we all know how quickly a couple of years go by so pension trustees should get up to speed on the new regulations sooner rather than later.

What do pension trustees need to do?

The Information Commissioner has just issued a handy checklist of 12 steps you can take now to prepare for the GDPR. You can find at: http://dpreform.org.uk/preparing-for-the-gdpr-12-steps-to-take-now/

You’ll need to make sure your pension administrator, scheme actuary and other pension providers are making the right preparations too. With new sanctions for breaches – which include fines of up to 4% of annual worldwide turnover – it is in nobody’s interests to get their preparations wrong. The maximum fine for non-compliance could apply to data being sent overseas, so pension trustees with US parent companies need to be particularly careful following the recent collapse of the ‘Safe Harbor’ arrangements relating to the transfer of data between the UK and the US. A new arrangement known as the ‘EU/US Privacy Shield’ is currently being agreed, but is not in place yet.

With new obligations on data processors and new requirements regarding accountability, breach reporting and demonstrating compliance, pension trustees should review policies and procedures early to avoid being caught out. If your pension scheme doesn’t already have one, a clear framework of accountability will be a must.

What about the EU referendum?

If we wake up on 24 June 2016 to find the UK has voted to leave the EU, the new requirements may still apply to some schemes and businesses in the pension industry. The GDPR has broader scope than its predecessor, covering both EU-based entities and those established outside the EU where data processing involves EU data subjects.

As with all things related to a potential Brexit, data protection will form part of the all important exit negotiations, if they’re needed…

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