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MyCompanyPension.co.uk - Helping members of occupational pension schemes to better understand their benefits.
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:: Blog | May 2009 (9 blogs) | The importance of pension trustees in insolvency
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The importance of pension trustees in insolvency
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The Office for National Statistics has today published Insolvency Statistics for the first quarter of 2009. See:
It is alarming to see that the total number of company liquidations in England and Wales in the first quarter of 2009 is up more than 56% on the same period last year.
This highlights the fact that where there is a pension scheme involved the trustees play a pivotal role in protecting members’ interests when insolvency of the sponsoring employer is on the horizon. Understanding how The Pension Protection Fund might assist their members, including the limitations of that assistance, is a crucial step for trustees to undertake. Communicating the risks involved to members requires skill and diplomacy.
Professional Pensions publishes an article on this today quoting PWC, which says: “PPF benefits can be substantially below what members are expecting, It is therefore critical that pension scheme trustees understand the level of security provided to their schemes by the sponsoring employer."
Communication is the key, it seems: “As more organisations succumb to the recession, trustees will rightly seek to optimise their schemes' positions.”
All of this can only underline the importance of employers and scheme trustees working together to achieve the best outcome for all, under what can be very difficult circumstances. See:
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Mike Jones, MyCompanyPension.co.uk Ltd, May 1st 2009
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(8 pages)