Scheme
governance
Pensions & benefits
Getting governance right can provide huge benefits but getting it wrong can carry significant risks.
Having a defined and robust governance process means you can be sure you're meeting your obligations and carrying out your role efficiently and effectively. But it also puts your scheme ahead of the pack when it comes to dealing with the unexpected and taking advantage of market opportunity. Done right, it creates a framework for making quick decisions, and ensures that your scheme is well prepared to implement them.
A roadmap to success
Priorities for DB trustees for 2023
Our roadmap for success is designed to help trustees focus on the key issues for their schemes during 2023.
Explore the roadmapHow we can help
We know that different schemes need different levels of support, so we take the time to understand your needs, and work at the level required to get the best result. This can be anything from acting as an outsourced trustee secretary or pensions manager, to developing a governance framework, managing projects, or simply keeping you informed of upcoming changes.
Our core focus is ensuring trustee boards manage their business effectively. We can help you make quicker and better decisions on general scheme and investment issues by making governance as smooth as it can be.
LCP's Online Governance System moves your meeting management online and provides a secure and flexible solution for storing your scheme’s key documents. It’s a vital tool for supporting effective trusteeship in the 21st century.
Explore our thinking
How we have helped our clients
Our latest thinking
New DB funding regime - Action plans for trustees and sponsors
Our action plans tailored for trustees and sponsors set out what we consider the key actions to take both immediately and as part of your next valuation in light of the new DB funding code.
TPR’s funding code – six to fix
In December, The Pensions Regulator (TPR) published its draft Code of Practice on DB funding. Whilst most of what is in the Code is welcome detail, LCP’s Jonathan Camfield and Jon Forsyth say there are still a number of areas where the underpinning regulations and/or the Code fall short and may lead to unintended negative consequences for DB schemes and their members.
How we can help
We help trustee boards to evaluate their performance and effectiveness and identify practical actions to improve how they operate. Our experts deliver tailored and interactive reviews which meet the Regulator’s requirements on trusteeship in the 21st century.
We help sponsors of pension schemes understand and manage the costs and risks associated with supporting their current and legacy pension schemes as well as other employee benefits.
We support trustees to review their governance frameworks with the aim of improving effectiveness and decision making. Our governance professionals take a practical and cost-effective approach to ensure that trustees are supported in pension governance.
We can help you easily evaluate how well your strategy and managers are working, in real-time, with LCP SpotLight.
Delivered by a team of highly experienced pensions professionals; we offer flexible temporary or ongoing outsourced pensions manager support which can be tailored to your specific scheme needs.
We can help trustees and corporates review the operation processes of pension schemes and ensure they remain fit for purpose. We also advise on the potential impact of IORPII for UK pension schemes, including the governance, risk management and other implications.
Our team of PRINCE2 qualified pensions professionals can help trustees and corporates manage a range of benefit change projects. We work flexibility and alongside in-house pensions teams and other advisers to successfully deliver on project objectives.
Good risk management is a key characteristic of a well governed pension scheme. Our experts facilitate interactive and tailored risk management workshops which clearly identify key risks in the pension scheme and practical actions to mitigate against these risks.
Is it time to consider changing your pension administrator, or are you looking to outsource administration for the first time? We work alongside you throughout the process and will cultivate a strong working relationship between you and the Third-Party Administrators (TPAs). This collaborative approach will mean the process is transparent and clear from the outset, giving you confidence that the TPAs we put forward will be suitable for your requirements.
We help trustees achieve their strategic goals, with solution-led, appropriate advice.
We have an experienced and established team of professionals who provide trustee secretarial and executive services. Our range of flexible services helps you manage your pension scheme more effectively.
Whether you are a member nominated, employer nominated or an experienced independent trustee of an occupational pension scheme, it is vital you are up to date and fully understand how legislative and regulatory issues impact your scheme. We offer a variety of standard and bespoke training sessions for pension scheme trustees, which are clear, informative and interactive and delivered by our experienced in-house professionals.