Hymans Robertson launches service to strengthen DB pension scheme governance

The service is aimed at improving how corporates oversee their schemes and work with trustees.
1 min read

Hymans Robertson has launched a service to help companies manage governance for their defined benefit pension schemes. 

The service is aimed at improving how corporates oversee their schemes and work with trustees, especially as schemes move towards endgame planning.

The firm said it supports more effective collaboration between companies and trustees, and ensure there is consistency across corporate governance policies. 

Hymans Robertson added that it would help schemes keep up with regulatory requirements and show that high governance standards are being met. 

The firm also said trustee effectiveness would be another benefit, helping companies show The Pensions Regulator (TPR) that they have considered all necessary steps for their scheme members.

Laura Andrikopoulos, head of corporate governance at Hymans Robertson, said: “TPR has rightly recognised that the pensions landscape is being challenged by domestic and global economic issues. 

“Within this new pensions landscape, corporates must be able to demonstrate that their governance arrangements are robust and that plans are in place to address any areas of concern. 

“It is also paramount to remember that just because a governance structure is in place, it doesn’t mean that it will remain the right one for the scheme.”

Andrikopoulos added: “With this in mind, Corporates must be prepared to revisit their governance on a regular basis to ensure what is in place remains fit for purpose.

“To help with this, TPR’s areas of focus provide a useful starting point. 

“These cover areas such as conflict management, separation of decision-makers from advisers, remuneration models and quality of decision-making.”

She said: “DB Pension scheme decisions are becoming much more complex, particularly as schemes head towards endgame and now with the added complexity of surplus management. 

“With increased regulatory scrutiny, especially on trustee appointments and oversight, the ability to demonstrate robust, fit-for-purpose governance is critical. 

“Aligning pension scheme governance with wider corporate governance principles not only ensures compliance, but also builds resilience and trust in a rapidly evolving environment.”

Marvin Onumonu

Marvin Onumonu is a Reporter for Workplace Journal and The Intermediary

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