Buck, a leading consulting, administration, and technology services firm specialising in pensions and employee benefits, has today announced the launch of its governance toolbox, a solution to help pension schemes meet The Pensions Regulator’s governance standards.
The toolbox aims to address all elements of The Regulator’s governance programme in a simple, insightful way to provide support to pension schemes’ trustees and deliver better outcomes for members through effective management.
The governance toolbox uses a four-step assessment process that provides a comprehensive review of all aspects of a scheme’s governance, identifies areas for development, offers scheme-specific recommendations, and helps trustees implement cost-effective solutions in areas where improvement is needed. It also identifies and meets trustee training requirements, evaluates the risks and controls in place for individual schemes, and documents short- to long-term priorities for schemes to meet governance standards.
Vishal Makkar, Head of Retirement Consulting in the UK at Buck, says:
“Since the launch of The Pensions Regulator’s governance programme, there has been increasing scrutiny of the management, responsibilities, and objectives of pension schemes across the UK. Buck’s governance toolbox highlights areas where action is required and provides access to the tools that address ‘red flagged’ areas, giving trustees access to the resources they need to understand what good governance looks like, quickly establish a robust governance structure within their own schemes, and resolve any outstanding issues in their schemes — meaning better outcomes for the people that matter most: pension scheme members. Governance doesn’t have to be complicated.”