The introduction of the new IORP II regime has significantly increased the regulatory compliance burden of both defined benefit and defined contribution pension schemes.
The importance of the role of the Scheme Secretary in supporting scheme trustees was highlighted in late 2021 when the Pensions Authority’s final Code of Practice stated that all trustee boards must appoint a Scheme Secretary.
Why does a trustee board need a Scheme Secretary?
An effective Scheme Secretary:
• provides essential support and guidance to a trustee board,
• helps the trustees meet regulatory compliance requirements,
• assists with the trustees’ strategy, communications and decision-making,
• develops a robust governance approach
• co-ordinates interactions with all relevant stakeholders including advisers, risk manager, internal auditor, service providers, Pensions Authority and all relevant third parties
In short, the Scheme Secretary can shoulder much of the additional management burden, acting as a central conduit for scheme operations and playing a key part in delivering the scheme’s objectives.
To find out more about Mercer’s scheme secretarial services, download a copy of our flyer below.