Ensuring your scheme governance framework is fit for purpose and facilitates effective decision making
Every aspect of a scheme is impacted by the governance framework in place to ensure it runs smoothly. Proactive decision-making is a function of a pension plan’s governance framework, as well as trustee training, provision of good quality advisers and it is key in ensuring regulatory requirements are met.
An integral part of the governance framework is its structure. How the trustee organises its board and committee structure will be specific to its own particular needs and ways of working, but there are a number of generic principles that will help trustees ensure it is fit for purpose: