The issues raised by the British Steel scandal when it became clear that members were not receiving the best of advice about transferring their pension benefits from the British Steel final salary scheme highlighted not just the issues around financial adviser regulations but also the role of the Trustee. With a significant Sole Trustee portfolio, we wanted to put in place a system available to all members that would help them understand their options at retirement and provide cost effective access to financial advisers who would be subject to the highest standards of due diligence. This would also need to be as cost effective as possible for the smaller schemes, given that the total number of members retiring at any one time will be limited.
Pi Pension Trustees is therefore pleased to announce that we have partnered with Guiide DB to provide members of our sole trustee clients access to a free online service enabling them to explore whether taking a transfer value is right for them. This is the culmination of over 18 months of discussions, where we worked closely together to put in place the necessary due diligence that would meet our requirements as Trustee, support members and provide a cost effective service.
As Sole Trustee of a number of small schemes, the majority of which no longer have active members, we believe it is no longer enough to simply issue information in the lead up to retirement coupled with a link to unbiased.co.uk. The combination of the issues around accessing quality final salary transfer advice, the cost of obtaining such advice when in the majority of cases it is clear the advice would be not to transfer, and the lack of access to any meaningful engagement for small schemes meant that we had to find a partner in the FCA regulated environment who would design something specifically for a portfolio approach rather than a single scheme.
Kevin Hollister of Guiide said “We are delighted we can help Pi Pension Trustees remove risks for their sole trustee appointed scheme’s members and look forward to putting this protection in for all. As an industry, we just can’t keep sending members out to find their own advisers.”
In just ten minutes, members can receive guidance on the transfer process, risks and benefits. For many members, a transfer is not in their best interests and the Guiide DB service allows members to discover this without incurring adviser costs. For other members, Guiide DB directs members to a shortlist of specialist financial advisers, all of whom have been independently vetted and monitored. We are excited about this development, which enhances the member experience and brings access to good quality advice within the reach of all members of our sole trustee clients.
Lynn Pointon is an experienced professional trustee with over 25 years industry experience. She is accredited through the Association of Professional Pension Trustees and now leads Pi ‘s Trustee services. Prior to becoming a professional trustee, Lynn was a scheme actuary and has worked across a wide range of schemes. Her current client portfolio includes both Sole and Chair of Trustee appointments.
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Amanda is a Board Director of Pi Partnership Group and leads the development of Pi’s services. She works closely with clients, the Pi team and professional advisers to ensure all of Pi’s services meet the changing needs of the pension market and deliver clear value to Pi’s clients.
Amanda has over twenty-five years’ experience in the pensions industry and, as well as ensuring Pi’s services continue to meet the needs of our clients in a rapidly changing pension landscape, is also a member of Pi’s Executive Management Team. She provides specialist project management for clients on a range of services, including adviser selection and review, trustee board assessment and governance design.
As well as being a Fellow of the Pensions Management Institute (PMI) and Chair of the PMI London Group, Amanda holds PMI certificates in Pensions Automatic Enrolment and DC Governance, was a past Prince2 practitioner and is a Certified Risk Management Practitioner.
What do you most enjoy about your role: Successfully delivering complex projects and creating a happy team environment.
Interests outside work: Travel, theatre and as part of Abundance London helping create beautiful spaces in urban settings.
Top achievement to date: Competing in the 2005/06 Round the World Clipper race.
