Case study: Tailoring our service to client need and supporting diversity (Pensions)

Background

In 2022, we were asked to provide a proposal and pricing to provide co-trustee services to a £2.4bn hybrid pension scheme with an employer operating in the energy sector. 

Our proposal was well-received and we were invited to pitch to the trustee board as well as representatives from the sponsor. At this stage, it was noted that both the trustee board and sponsor would welcome diversity to the trustee board and none of the shortlisted firms offered this.

How we met the client need

We listened to the feedback of the scheme representatives who wanted to drive diversity on their trustee board to increase challenge and bring a wider range of perspectives. We took action to find a solution that provided multiple benefits.

Our proposed lead Trustee Director Robert Thomas was well liked by the scheme representatives who were keen to work with him and to benefit from his extensive and relevant experience. A key element of our model is to have a lead and peer trustee to ensure robust governance and client continuity. By proposing a different peer trustee, in this case Lynne Rawcliffe, we were able to offer the client even greater depth and breadth of experience and perspective.

Lynne is a Professional Trustee, a level that we introduced in 2022 as we saw an increasing number of people earlier in their career interested becoming pension trustees coupled with increased demand for younger and more diverse trustees sitting on pension trustee boards.

Lynne's appointment brought a new demographic to the trustee board as well as a complimentary skill set to Robert, thanks to her background in pension management. 

In addition, having listened to the clients requirements we identified that the scheme would suit a tailored delivery model. Robert remained the scheme’s lead trustee, attending all trustee board meetings and leading on the scheme’s strategy, whilst Lynne would take a hands-on role leading on the oversight and management on the scheme’s 2022/2023 project and managing the BAU activities that fell outside meeting cycle.

This flexing of the lead and peer role is something from which a number of clients have benefitted as the best person for the job is able to step up as required during the pension scheme cycle. 

How this delivered for our client

We were appointed to this role and the client has been able to take full advantage of having not one, but two LawDeb trustees heavily involved with their scheme. Bringing in Lynne, at the professional trustee level, led to our proposal becoming more commercially competitive, as this reduced the hours required of Robert’s input as a senior trustee director.