LawDeb’s engagement covers the full spectrum of some of the largest private sector Defined Contribution (DC) trust based schemes such as DHL, GSK, and Royal Mail to many much smaller DC sections (e.g. Penguin).
We have supported trustees and sponsors with Master Trust transfer decisions and provider selections.
High profile master trust appointments include the Financial Conduct Authority, the Smart Pension Master Trust and L&G’s Worksave Master Trust, one of the largest Master Trusts in the UK.
IGC appointments include L&G (Mark Ashworth), Phoenix Life, Standard Life and ReAssure (Venetia Trayhurn) and Vanguard (Anna Eagles). View details of our Master Trust and IGC experience here.
New DC schemes can still have a place. EY recently appointed LawDeb as sole corporate trustee and to help it establish its fast growing 17,000 member DC auto enrolment scheme.
Supported by our sister company Pegasus Pensions, a team of 15 pension executives providing independent outsourced pensions executive services, our culture is to share knowledge and working insights of evolving DC developments: pitfalls and successes.
As a team we have developed a model of trusteeship supported by strong processes and governance practices that delivers a best in class solution to our clients.
DC governance isn’t just a nice to have, it’s essential.
Recognising that membership of DC occupational pension schemes now exceeds that of DB and hybrid schemes (22.4m vs 18.3m)[1] and that millions of savers will depend on savings in DC schemes in later life, our Pensions team at LawDeb places great emphasis on looking after the needs of DC members.
[1] per Office of National Statistics: “UK pension surveys: redevelopment and 2019 results” – release date: 29 June 2020
In particular we believe the key to positive member outcomes is based around good member engagement, a clear and understood direction of travel, and fit for purpose investment options supporting the member journey.
Governance has never been so important.
Our market-leading DC experience
Our team of Trustee Directors are at the forefront of DC knowledge, including:
- Communication: proactive use of technology and member data to support value adding communications, which could vary from timely member nudges, member portals and websites, through to webinars, bite-sized educational videos and applications;
- Member choice: supporting members to make informed retirement decisions, for example phased retirement through drawdown;
- Investment: default fund frameworks, through and post-retirement options, investment options, and incorporating ESG considerations.
- Value for member assessments
- Practical oversight of operational matters, including: adviser monitoring and oversight, rectification exercises, disputes and discretionary cases;
- Appropriate DC vehicles: managing bulk transfers exercises, including to Master Trusts;
- Meeting regulatory requirements: at the cutting edge of the latest regulatory and legislative changes including Master Trust authorisation and TPR supervision, pension freedoms, governance regulations and auto-enrolment.
A word from our Chair, Mark Ashworth
Our pensions practice Chair Mark Ashworth was recently appointed to L&G’s Independent Governance Committee and shared his view,
“This appointment gives me the welcome opportunity to leverage the decades of experience I have as a professional trustee for the benefit of the pension savers who the Committee serves. At LawDeb, we pride ourselves on knowing and caring about pensions and our clients. The depth of our sector knowledge, as well as our collaborative approach and professionalism, are all qualities which will undoubtedly stand me in good stead for this new appointment”.
