LawDeb comments on draft commentary on Professional Trustee standards
23 February 2018
The Pensions Regulator has challenged the professional pension trustee industry to develop a self-regulation regime. Law Debenture has commented on proposed standards issued for consultation by the Professional Trustee Standards Working Group. Our comments are available to read in full here.
We aim to be the most professional and effective provider of independent trustee services, and we are the longest established and largest by assets under management, with eighteen trustee directors supporting 200 schemes. We welcome the Regulator’s drive to improve standards and the work of the task force. Indeed Law Debenture director, Andrew Parker is a member of the Working Group.
Our experience is that trustee boards and the companies that sponsor pension schemes can benefit greatly from the involvement of appropriately equipped professional trustees. Providers of professional trustee services range from sole traders through franchise operations to highly integrated corporate models like ours, where our eighteen trustee directors work closely together, pooling their knowledge and experience on a daily basis. While there are skilled and experienced individuals whom we respect in each of these categories, we remain confident that our model enables us to bring the greatest possible depth and breadth to the widest range of client situations.
We think the buyers of professional trustee services – whether the sponsoring employers or the trustees – will benefit from having a framework to help them understand what they should expect from a professional trustee. The proposals for defined standards and ultimately an accreditation process will help with this, which is ultimately good for the long-term prospects of pension schemes.
We hope that the standards will be widely supported by our industry and look forward to their introduction following refinement in response to the consultation.
For more information about the consultation, LawDeb's response or professional trusteeship contact email@example.com