Quantum Advisory, the leading pensions, benefits and actuarial firm, today outlined how schemes should be using their scheme secretary if they are to maximise cost efficiency.
Karen Kendall, Partner at Quantum Advisory, said: “Although traditionally hired to undertake administrative tasks such as arranging meetings and overseeing production of the annual report, in today’s market, a good scheme secretary is equipped and expected to take on additional duties which can result in significant cost saving. Trustees should look to assess efficiency by considering whether their secretary is undertaking the following duties:
- Advising on regulatory changes and market developments: Saving trustees and employers valuable time or money otherwise spent managing relatively straightforward pension matters or appointing an adviser to do so
- Undertaking adviser negotiations: The secretary will challenge external advisers to ensure they are always being used an efficient way that positively impacts all parties
- Supporting in the development of a robust governance framework: Exceeding The Pensions Regulator’s (TPR) requirements. Secretaries with solid industry experience will be able adopt best practice as a matter of course”
Kendall continued: “The scheme secretary should act as a calm, supportive resource to keep scheme boards on the straight and narrow – something which has become increasingly prevalent with TPR’s new “clearer, quicker, tougher” approach. Furthermore, using them to their full potential can free up time at meetings for key decisions affecting the scheme, leaving the trustee to focus on optimising member outcomes.”
Karen Kendall, Partner at Quantum