Why Appoint Us?

Why appoint HS Sole Trustees?

  • It removes the need for, and difficulty of, finding both member-nominated and employer nominated trustees. This is becoming increasingly difficult and such exercises can be lengthy and expensive with no guarantee that a vacancy will be filled. The need to have a member nominated trustee is removed where an independent trustee company acts as the sole trustee.
  • Ever-growing complexity of pension issues places significant burdens on the time of lay trustees – there is a training and knowledge (TKU) requirement on all trustees, be they independent, member or employer nominated. An independent sole trustee company is managed by Accredited Professional Pension Trustees who must pass exams and meet continuous professional development standards.
  • Traditional trustees may find it difficult to agree on matters, causing delays in the decision-making process. Whilst there are some extremely effective trustee boards, there are boards where internal tensions inhibit the decision-making process. This can lead to delays in making decisions which in turn can lead to increased costs and missed opportunities.
  • Speeding up the decision-making process. For traditional trustees, the trustee meeting can be the only opportunity to make decisions. A sole trustee company will be managing the scheme and making decisions outside of the normal meetings cycle. There is still the need for some formal meetings, but these become more of a strategic forum with the sponsor looking at the long-term strategy of the scheme.
  • Removing conflicts of interests. Trustees who are employed by the sponsor, member-nominated or employer-nominated, have an inherent conflict where the individual may be a member of the scheme and making decisions which would affect their own benefit entitlement. Such trustees may also feel conflicted where the scheme is a defined benefit arrangement with a deficit and a negotiation with the sponsor on how it is to meet the deficit is required. A sole trustee company will be completely independent from the sponsor so will not have these same conflicts.
  • A sole trustee company will free up time of existing lay trustees to concentrate on the sponsor's business.

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