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pension trustees
McKneff
Posts: 38,857 Forumite
could someone tell me what the actual duties are of pension
trustees
trustees
make the most of it, we are only here for the weekend.
and we will never, ever return.
and we will never, ever return.
0
Comments
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A Trustee has a very important role and is responsible for managing the Scheme and its assets.
They have many roles, including:
To ensure benefits are paid to the right people at the right time (eg members, beneficiaries, etc).
To decide how benefits are awarded on death (eg where someone dies and a cash sum is payable)
To review and resolve any disputes.
To ensure the pension scheme is run subject to the Rules of that Scheme.
To manage investments, and funding of the Scheme. (Generally they must manage any scheme assets in a similar way as if they are their own).
To ensure any tax or other fees are paid to government/other bodies.
To ensure records are kept, plus Legislation followed (in areas like data protection for example).
To ensure any contributions are collected.
For ensuring the scheme is audited, and accounts produced on time.
Some of their powers are delegated, (such as admin, investment management, etc), but they are still responsible.
I may have left things out from the list above but the following link explains more about trustees:
http://www.thepensionsregulator.gov.uk/trustees/index.aspx0 -
Youre a star, many thanksmake the most of it, we are only here for the weekend.
and we will never, ever return.0 -
Another query, i should have had my private pension on or near my 60th birthday. Delay after delay has occurred by the pension company asking questions etc.
I have a big pension and a small one.
Mid last week i was given figures for my annuity, both lumped together.
On Monday the fund was £6k less than the figures from last week. It turns out that last week that both annuities had been lumped together and then the
smaller annuity added to it again. Of course this means when they took it back off the figures were about £25 a month less. While i am aware i will get what i initially would be entitled to i have put in a formal complaint through my adviser.
I feel that because of all the delays i have missed out on 6 weeks pension and the stress of
all the ups and downs, nearly £100 in credit card charges as i bought a car on the promise that my pension would be sorted a month sooner than it was.
Am i likely to get compensation from a formal complaint. I dont want thousands, just to get back what i feel i have lost, 6 weeks pension amounting to approx. £300 and my cc charges.
The pension company have freely addmitted that they made the financial mistake
Any help out there please.make the most of it, we are only here for the weekend.
and we will never, ever return.0 -
shameless bumpmake the most of it, we are only here for the weekend.
and we will never, ever return.0 -
I suggest you write them a whingeing letter or escalate to manager level.If you submit a formal complaint they will be charged £500, whereas it sounds as though you would be satisfied if the transaction was just expedited pronto and you received your out of pocket costs (spell them out).If they don't play ball, then complain.Trying to keep it simple...
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I am told by my pension adviser that a formal complaint has already been lodged.
Guess I'll just wait to see what happens. Apparently, they have up to 8 weeks.
I have had a letter of confirmation of this.
Many thanks for the info.
Regards
Annemake the most of it, we are only here for the weekend.
and we will never, ever return.0 -
A Trustee has a very important role and is responsible for managing the Scheme and its assets.
They have many roles, including:
To ensure benefits are paid to the right people at the right time (eg members, beneficiaries, etc).
To decide how benefits are awarded on death (eg where someone dies and a cash sum is payable)
To review and resolve any disputes.
To ensure the pension scheme is run subject to the Rules of that Scheme.
To manage investments, and funding of the Scheme. (Generally they must manage any scheme assets in a similar way as if they are their own).
To ensure any tax or other fees are paid to government/other bodies.
To ensure records are kept, plus Legislation followed (in areas like data protection for example).
To ensure any contributions are collected.
For ensuring the scheme is audited, and accounts produced on time.
Some of their powers are delegated, (such as admin, investment management, etc), but they are still responsible.
I may have left things out from the list above but the following link explains more about trustees:
http://www.thepensionsregulator.gov.uk/trustees/index.aspx
:T:T:T
That is exactly what they are "supposed" to be there for, In practice I found it a little different. My only experience was as a trustee of my own company scheme.
The trustees would on occaission be presented with an issue by the chairman to the trustees. He would also give his recomendation.
I cannot recall a single instance when the "verdict" was any thing other than the chairs rec
Trustees are typically company elected, pensioner elected and member elected. Or a group made up of these groups I should say.
THEY NEED BIGGER BALLS;), sorryI like the thanks button, but ,please, an I agree button.
Will the grammar and spelling police respect I do make grammatical errors, and have carp spelling, no need to remind me.;)
Always expect the unexpected:eek:and then you won't be dissapointed0
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