Even though they are responsible for the future trajectory of pensions, pension trustees regularly cite issues such as a lack of time, resources, knowledge and information getting in the way of their achievements. As a result of these inadequacies, whether they consist of structural or personal barriers success, pension stakeholders may suffer if there is a lack of alignment between pension trustees and pension strategies.
One of the biggest challenges to pensions, is that boards are closed social networks, in which decisions are made behind closed doors and there are very few checks and balances in place. In this way, boards can easily become echo chambers marked by low-stakes decision-making rather than strategic aims. The onus is on organizations to choose good pension trustees. Instead of simply choosing the closest or most familiar individuals for the task, it’s important for pension trustees to be strategically and methodologically chosen.
This paper delves into key issues when it comes to building an outstanding Board of Trustees for your pension goals, such as finding and appointing suitable people from both the member-nominated and company-nominated opinions. Find out how to develop a clear agenda, terms of reference, critical delegations, good advice papers and a robust audit trail. Learn how to facilitate assessments to highlight shortcomings eve where trustee confidence is high.