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BBS Actuaries

NATIONAL PENSION SPECIALISTS LAUNCH NEW SERVICE TO PROTECT COMPANY DIRECTORS

The Pensions Regulator‘s focus turns to the governance of work-based company pension schemes

Company directors are being warned about their responsibilities in relation to the governance of defined contribution pension schemes for employees.

National pension advisors and administrators, BBS, has introduced a new support service to oversee those pension schemes and protect company directors.
 
According to BBS director Peter Bainbridge: “The Pensions Regulator has taken an increased interest in the operation of contract-based defined contribution pension schemes, while employer responsibility is already increased by the auto-enrolment requirements for employee pensions.
 
“Many companies now operate contract-based defined contribution pension schemes, while still more are launching these schemes to replace former defined benefit schemes.

 “The Regulator wants to see the same level of governance for these schemes as already exists for more traditional pension arrangements, which are overseen by trustees,” said Mr Bainbridge.

 One solution being adopted by some companies is the creation of a Governance Committee, and BBS has been asked to provide a member of those committees, to bring independent expertise.

“But this is not always the best solution for every company,” said BBS‘s Peter Bainbridge.

 “So we have launched a suite of tools to assist employers to meet their governance responsibilities, to ensure that they maximise t
he value of pension delivery for their employees,” he explained.

 Details of the new BBS governance service are available on their website: www.bbs-actuaries.co.uk

ENDS                                     29th June 2010

For further information please contact Peter Bainbridge on 0117-9064660 or Louie Hadley on 01275-390553 or email louie@sturgessvandamme.co.uk

 

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