Trustees embrace new ways of working
The XPS ‘future of trusteeship’ survey revealed a clear drive from the industry to take the lessons learned from running pension schemes during the COVID-19 pandemic and change the way pension schemes are managed for the long term.
"In my experience, trustees responded well to the changes thrust upon them and adapted quickly to the new environment. Many have been surprised at how well video conferencing can work, although there is a general feeling that face-to-face meetings still have their place." Rob Wallace - Head of Governance
Actions you can take
- Review your business plan – make sure that your meeting frequency, structure and format (face-to-face or virtual) allow you to govern efficiently and effectively.
- Consider your technology – are you making the most of the technology available to help you run meetings as well as electronic communication, document sharing and decision-making?
- Consider new and more flexible approaches to developing trustees’ knowledge and skills.
- Regularly review your trustee board's effectiveness to highlight any potential improvements to the way your scheme is managed.
XPS can help trustees assess their effectiveness and develop and implement a better framework for managing their scheme for the long term.
For further information, please get in touch with Rob Wallace or speak to your usual XPS contact.