If you help clients manage the governance and administration of pension schemes that provide defined benefits (DB) you may need to focus on a number of areas.
These may include the following areas.
Scheme governance and controls
Advise trustees about how they must establish and operate internal controls that enable them to identify, evaluate and manage the risks that relate to their scheme.
Further guidance:
Internal controls module of the code of practice
Keeping records
Work with trustees to help them achieve good record-keeping and efficient internal controls. This should help to ensure good scheme governance and that data is up to date, complete and accurate.
Further guidance:
Contributions
Work with trustees and employers to set their contribution rate, maintain a schedule of contributions and check that the employer makes the correct payments.
Further guidance:
Schedule of contributions section of the funding defined benefits code of practice
Providing information to members
Advise trustees on what information they need to make available to members, prospective members and other people entitled to benefits under their schemes.
Further guidance:
Providing information to members guidance for trustees
Managing conflicts of interest
Help your clients to identify, monitor and manage conflicts of interest that might or do arise in their role as trustees of a pension scheme.
Further guidance:
Conflicts of interest module of the code of practice
Governance best practice examples
We have published a number of best practice examples of scheme governance. These represent trustee behaviours we have observed which we believe that trustee boards striving for excellence can learn from.
You may also want to read our guidance for trustees.