Frequently Asked Questions

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FREQUENTLY ASKED QUESTIONS


 

On our appointment to a new scheme, we review the scheme's documents and familiarise ourselves with its procedures and operations by talking directly to those involved in the day-to-day running of the scheme. This allows us to use the experience we have gained with other schemes to suggest any changes which will either improve the existing operations or make them more cost-effective and efficient.

This process also means that we can assure ourselves that all duties are being performed in accordance with legal obligations while, at the same, time meeting members' expectations. It gives us the opportunity to become well-acquainted with the scheme, its administration and its advisers.

We believe it is important to select a firm of trustees that has no ownership or economic ties to other entities. At BESTrustees we are independently owned and restrict our activities to pension fund trusteeship and affiliated services.This means that our clients may be assured that our interests and theirs are completely aligned.
We provide trustee and affiliated trustee services for all types of pension arrangements which means that while our business focus is primarily on working with on-going pension schemes as members of the trustee board, we can also act as: chair of trustees; sole trustee; statutory independent trustee; and adviser to the trustees. Our many years of experience working in pensions means that we have also gained expertise in a broad range of strategic areas including DC governance, covenant assessment, investment and legal.
We typically provide our clients with a recommendation of the most appropriate trustee for their situation, but we are also happy to provide a selection of trustees so that the pension scheme may choose the trustee that not only has the required experience but also with whom there is the greatest rapport.
We understand the importance of adopting a balanced approach and make sure that we safeguard the interests of the beneficiaries while taking account of the needs and responsibilities of our fellow trustees and the sponsoring company. We understand that the sponsor provides crucial support to the pension fund and that its financial health and stability is critical to its ability to do so.
We can assist you to manage and minimise the scheme's running costs by getting the best from your advisers. All schemes will need to use advisers, who by their nature, are experts in their own field but often lack knowledge and experience in other areas of scheme management. Our broadly-based range of skills enables us to make sure proper advice is taken when required and that maximum value is obtained from this advice.
With over 20 years of experience, we have worked with a wide range of small and large clients and have seen practically every pensions scenario possible. We would be delighted to discuss our experience with you further, understand your areas of interest and to put you in contact with clients we have helped in similar areas.
No scheme is too small or too large. Our client base is comprised of all sizes of clients. Whatever the size of the scheme, the requirements are often similar and we are able to bring our large scheme experience to assist the smaller schemes.
We prefer to work on a fixed fee basis however we also have a standard hourly rate should our clients prefer to be billed by the hour.

We always discuss the assignment and reach an agreement with our client regarding fees prior to any work being carried out. We believe it is important to be both flexible in our working practices and transparent in our billing. Our clients can be confident that when they work with BESTrustees, there will be no unpleasant surprises.