My Dissolved Ltd Company Executive Pension Scheme Trustees

Marcon

[Deleted User] said:

This case gives a bit more background to the legal position when a sole trustee is dissolved: https://www.bailii.org/ew/cases/EWHC/Ch/2021/1524.html  In this particular case, the claimant couldn't prove the facts (and that is very different to this situation where the pension scheme administration is professional administered). 

Has no bearing on this question. 

Marcon

WSB said:

Grumpy_chap said:

Just to be clear, when the OP writes "my Ltd Co Executive Pension Scheme" does that mean a Ltd Co of which the OP was sole Director / Shareholder / Employee?
Or, does that mean a Ltd Co. of which the OP was sole Shareholder / Director but there were other Employees also?
Or, does that mean a Ltd Co. of which the OP was one of many Employees and the Shareholders / Directors were other individuals?

I think the OP means the first of the above, in which case the only beneficiary of the Pension Scheme trust would be the OP.
The OP's friend was likely referring to the case where an individual acts as Trustee for a corporate pension scheme which has many members.  Quite a different scenario.

Good point. 
Yes, it was a simple one man band scenario whilst I was contracting. 
I was director, and shareholder and employee. My wife was company secretary. Briefly she was on the payroll and also had a pension under the same scheme. 
She also received the same letter. 
So is being a trustee for the scheme not much of a big deal? 

How much of a big deal has being the trustee of the scheme been for your company over the last 23 years?

Based on your first post, the whole thing isn't much of a big deal, despite the elaborate anguish and major problems being suggested above.

If you can transfer your EPP to another product (not sure if the reference in your first post to 'move' actually meant transfer?) it would make sense to do so; you might need to be the trustee, albeit very briefly, to allow that to happen, or as your post suggests, it looks as if you are being given the chance to do that anyway.

Talk to the provider to clarify. They have the documentation; nobody here has seen it, so can't comment on a fully informed basis.

You aren't the first person and you won't be the last to be in this position!

Marcon

[Deleted User] said:

Marcon said:

7. You said ' I would not want to be the sole trustee of my own pension scheme because if I die ...' I was responding to that. A deceased person has legal personal representatives and they replace the scheme trustee.

OK.  My point still stands.  At the moment the probate office say 16 weeks from getting the paper work so you are talking about a good long while to get everything done, especially if the estate is such that an IHT400 needs to be prepared and the IHT needs to be paid.  

I agree entirely with that point!

What I didn't agree with was your observation that '... it's going to be a dog's breakfast to try to be able to pay death benefits from a pension scheme without any trustee' because there would be a trustee: the personal representative(s).

I thought it was important to correct your original assertion to ensure nobody was misled by it - not to score points for the sake of it.