We were appointed as trustee to this pension scheme in February 2014 and originally sat on the trustee board alongside the scheme’s existing trustees.
Following the successful implementation of a new benefit structure and detailed discussions with the scheme’s members, the scheme transitioned so that Entrust now acts as sole trustee and meets regularly with a consultative committee representing both the employer and former trustees.
Quickly developing relationships
The scheme’s sponsoring employer began a consultation with members on a proposal to close the defined benefit section of the scheme to future accrual shortly after our appointment.
The sensitive and intense nature of this project meant that we quickly established close working relationships with the existing trustees as we worked closely with them and with the sponsoring employer to ensure that project was successfully implemented within the desired timescales.
Re-modelling the governance structure
Following the changes to the benefit structure and the closure of the defined benefit section, the sponsoring employer decided to retain Entrust as sole corporate trustee in December 2014.
Entrust established a Pensions Consultative Committee (PCC) in order to maintain good communication under the revised governance model. The PCC consists of representatives of the employer’s management and the scheme’s members.
Entrust now meets with the PCC twice a year to update both employer and member representatives on scheme developments and to discuss new projects with them.
Listening to members and employers
Following the introduction of pension flexibilities in April 2015 and feedback from the PCC, Entrust amended the rules of the scheme to make a number of pensions flexibilities available within the scheme.
Building on this work a series of member presentations were also delivered in 2017 to educate and inform members about the flexibilities available to them. The presentations received positive feedback from the employer and members alike and resulted in increased member engagement.