Pensions - Articles - Adapting and Enhancing Pension Scheme Effectiveness

 In a year of considerable uncertainty, pension scheme trustees have had to adapt to changing circumstances and meet new challenges – to which in many cases their normal governance systems were not naturally attuned. 

 Susan Hoare, partner at Aon, said: “While much has changed and is still changing in 2020, one thing hasn't and that is members’ needs, so it's paramount that pension schemes find ways to maintain the highest of standards whatever the circumstances.

 “In this new paper, ‘Adapting and Enhancing Pension Scheme Effectiveness’, we highlight 10 key areas for review, enabling pension schemes to implement positive actions to enhance their operations and to continue with evolving a new and better future approach.”

 Susan Hoare continued: “Everyone knows the maxim of making good use of a crisis, but this has been an exceptional year that has probably changed many business practices permanently. Pension schemes are no exception to this and many have already taken steps to find new ways of doing things and, in many cases, have done so very successfully.

 “We may well yet have a long time to go in this pandemic-driven period, so scheme governance and practices need to remain agile in adapting to circumstances as they change. We hope that the thinking and suggestions in this paper – drawn from advising and observing many of our clients – will be helpful to schemes in finding ways that will work well for them and their members.”

 
 Adapting and Enhancing Pension Scheme Effectiveness