The Art of Simplifying the Complex

16 Aug 2021

We love making the complex simple – turning a project that appears daunting into one that is manageable.

We recognise that the world of pensions is complex, not helped by the frequent use of jargon, abbreviations and terms that don’t form part of our day to day language… “FRO”, “PIE”, “longevity swap”, “buy-in” to name just a few. In addition, trustees, in particular lay trustees, are unlikely to have previous experience of the various liability management exercises that often form part of a scheme’s journey to buy-out (yet more pensions specific terminology).

How do we do this?

1. Training: Ensuring trustees have adequate knowledge and understanding of the specific project being undertaken.
2. Effective governance: Creating a governance model for the project, enabling decisions to be made in a timely manner under delegated authority.
3. Collaboration: Fostering collaborative working relationships with all the advisers, to achieve an aligned objective.
4. First review: Reviewing and challenging advisory papers before they get to the trustee, ensuring any potential questions are already answered.
5. Story telling: Effectively communicating with trustees to provide clarity about the actions and decisions needed.

The result?

1. Decision-making: Trustees have the confidence to make decisions in the best interests of members.
2. Project timescales: Delays are avoided and market opportunities are taken as and when they arise.
3. Project expenditure: Costs are monitored and kept within budget.

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