2007 and 2008 have presented a challenge for employers who sponsor trust based pension plans.

There are aspects of the Pensions Act 2004 which only came into effect on 6 April 2006 that introduce significant changes to the efficient functioning of Trustee Boards. From this year, at least one third of the trustees must be formally elected by the plan members and this proportion is expected to increase to one half in 2009.

Given that the assets of many pension plans greatly exceed the market value of the sponsoring employer, it is a business imperative that the employer exercised profound care and judgement over the appointment of those trustees within their discretion.

Independent professional trustees have the experience, skills and abilities to work successfully with the complexities that form the everyday role of the present day pension plan trustee. Gone are the days where the employer can appoint a 'friend of a friend', especially when this appointment is the Chairman of the Trustees.

Even if you are not currently considering the appointment of a new trustee (or a Chairman for your trustees), please make a note of our services for future reference.

We will be happy to meet with you at your office to discuss how Trustee GAAPS can help your pension plan and your business.