The background

We were tasked with carrying out a review of the governance structure arrangements for a large and complex defined benefit scheme.

Our solution

We delivered our review by

• Meeting individually with the Chairperson, other trustees and the Pensions Manager to gain insights and understand the board structure’s structure, how it worked, how effective it was at delivering its role.
• We compared the current structure and approach to other trustees boards that were in the same industry/ of a similar size/complexity
• We compared the structure to recognised best practise, both nationally and internationally
• We also looked at the tenure of the chairperson, the background of the trustees, the process for member nominated trustees and the role of the secretary
• We considered upcoming changes to the legislation and how that might impact on the scheme’s governance structure
• We set out opportunities for the Board to consider and made recommendations in terms of which opportunities would have the most positive impact.

This project required

• Excellent interviewing skills - to draw out the thoughts and ideas of the stakeholders
• Expert pensions and governance knowledge – to understand how the environment is evolving and the Regulator expectations of trustees
• Experience of working with other schemes to know which changes can add real value to the Board’s work

The results

A re-organisation of the trustee board, making better use of the board members’ skills, experience and time. Better governance leads to better outcomes.