Professional independent trusteeship services to master trusts.
Master trusts pensions schemes are defined as an occupational pension scheme which is used, or intended to be used, by two or more employers who are not connected with each other.
Dalriada provides trusteeship services to a number of master trusts, helping ensure that they meet their responsibilities to members. There is a significant amount of legislation governing the appointment of trustees to master trusts.
- Legislation specifies that the majority of trustees on a master trust board, including the chair, must be independent of any company that provides services to the scheme. Such trustees are described as non-affiliated trustees and legislation also sets out what needs to be considered.
- Legislation also sets out time limits relating to the appointment of non-affiliated trustees. Corporate professional trustees such as Dalriada can be treated as non-affiliated for a single period of up to five years, but, unlike individual non-affiliated trustees are not restricted to any cumulative term. However, individual trustee representatives of a corporate professional trustee cannot retain this role for more than 10 years in total.
- Legislation requires that non-affiliated trustees are appointed to master trusts through an open and transparent process.
Dalriada trustee representatives have experience of acting as trustee, including as chair of trustees, of large and small master trusts. Dalriada has acted as the initial trustee on the founding of a master trust and has been appointed to established master trust(s) as a result of the breadth of expertise and experience of our team. Dalriada has experience of providing input and guidance to schemes on the requirements of the master trust authorisation process. Dalriada also has experience of managing a scheme following a triggering event and ensuring members’ interests were protected through the transition to an alternative master trust provider. Dalriada has developed a deep insight into The Pensions Regulator’s expectations of master trust trustee boards which informs our approach, enabling schemes to meet their governance and compliance obligations in a changing and challenging regulatory environment.
When you come to review the appointment of your non-affiliated trustees please get in touch to find out how Dalriada can help you meet your trusteeship needs .
If you’re interested in our master trusts pensions services, please get in touch using the contact form or speak directly to one of our team who will be able to help.
