In order to achieve the greatest degree of collaboration the company's senior management team must engage with the trustee board
and its advisors.
Professional trustees can contribute a significant amount in terms of expertise and experience to a trustee board
and it is crucial that schemes and employers can have confidence in any professional trustee that they appoint.
In any case, many trustee boards
are chaired by the company's finance director, who wants to keep an eye on the scheme's investments and can do so in a money purchase scheme without risking the conflicts of interest that can arise when pensions are linked to final salaries and the company shoulders the entire investment risk.
The outsourcing of this role to professionals is perhaps the biggest benefit to trustee boards
He has worked with both DB and DC schemes and chairing trustee boards
, he continues to chair the pension scheme of his previous employer Xerox.
The issue, coupled with changes to pension regulations that make it increasingly difficult for company directors to manage conflicts of interest, could lead to a brain drain of valuable investment expertise from trustee boards
, according to Aon Consulting, the pensions, benefits and HR consulting firm.
Venetia joins the team with over 10 years experience working with trustee boards
, companies and pensions professionals.
Many trustee boards
of large UK pension schemes still face corporate governance difficulties, according to a new study from accountants PricewaterhouseCoopers.