A pension trustee is a person or company, acting separately from an employer, who holds assets in trust for the beneficiaries of the pension scheme.
Pension trustees are responsible for ensuring that a pension scheme is run properly and that members' benefits are secure.
Pension trustees have important 'fiduciary' duties which are derived from well-established trust law. Their specific powers are set out in the trust deed and rules of the scheme.
These are their main duties:
Having a good pension trustee is particularly important in the rapidly changing world of international pension transfers.
It is desirable for an international pension trustee to be very technically proficient to stay ahead of rapid rule changes. It is also important that they are well capitalised, have good administration and perhaps most importantly act in your interest and not in the interest of the financial intermediary who introduces them to you. In our view, this means they do not work with unlicensed intermediaries, and actively prevent clients from investing into potentially unsuitable and risky assets such as UCIS funds and structured notes.
These reviews aim to help expats research their pension trustee and select the most appropriate way forward.