Many trustees and employers are on a constant quest to capture the interest of their membership, and with good reason: there’s a clear correlation between improved member engagement and better member outcomes. With greater information and understanding, members are more likely to make appropriate decisions, keep their scheme up-to-date with the information it requires, and be less likely to fall victim to a scam. But schemes must be careful about the ‘hows’ and ‘whats’, particularly in the light of a couple of recent industry publications. So, how can we make sure employees are engaged and financially literate, whilst avoiding the risks inherent in doing so?
The Pensions Regulator’s Climate Change Strategy - some key comments and next steps
On 7 April 2021 The Pensions Regulator (TPR) published its Climate Change Strategy, including its approach to the trustee requirement for Statement of Investment Principles (SIPs) to include an Implementation Statement by 1 October 2021. Considered below are some of the key extracts from the Strategy, together with a practical summary of related SIPs and Implementation Statement requirements.
Having been in the consulting business for over 30 years, it was a natural switch to join the ranks of Professional Trustees. However, it was clear to me that whilst being a Fellow of the PMI (FPMI) felt like it should be enough, the world had moved on and the role involved taking responsibility directly for real people’s incomes in retirement. It seemed, therefore, entirely logical to look at what additional publicly acknowledged qualification would support me in my new world.
How should trustees respond to a distressed employer and weaker covenant?
“How did you go bankrupt?” Bill asked. “Two ways,” Mike said. “Gradually and then suddenly.” Dialogue from Ernest Hemingway’s 1926 novel, The Sun Also Rises.
The COVID-19 pandemic has led to the most extraordinary trading conditions for many businesses across the globe. Whilst the enforced changes to consumer and business habits and behaviours have thrown up some winners, once government support packages and legal protections gradually come to an end, many businesses are likely to face a battle to resume trading and, ultimately, survive.
