Governance it's it's a bit of a buzzword
really to be honest but really it's
simply just looking after your pension
scheme whether it's from the
administration all the way through the
trustees and the scheme management and
you often see well-intentioned employers
and scheme managers and trustees giving
it a go but it really needs some proper
structure to it it needs to have those
formal reviews in place the regular
timing and it needs to be repeated and
repeated and repeated without that
you're just going to get cracks it's
gonna fail.
So trustees are often the first focus of
governance they are the people that you
will talk to you talk about how well is
your scheme governed let's look at your
trustees but the reality is that
actually trustees are just the directors
of the governance they need assistance
they need to be able to apply that
governance through all the different
layers of the way that the scheme is
operated. To create truly great
governance you need a really robust
framework at BlueSky what we use is a
strategy team that actually specifically
look at the governance that surrounds
pensions arrangements and apply that as I say to
to the administration to the way that
reviews are undertaken to the way
the risk registers that we're used to
seeing are controlled and managed and
monitored ongoing. So often people
misconstrue governance as being just
compliance and ticking the box but
really it's it's more than just
reviewing those performance reports
selecting your providers and monitoring
them ongoing it's much more than that
it's it's using those compliance tools
but then enabling your trustees and your
key decision-makers to have the time to
discuss and consider the important
matters that are that are going to
make a difference to members on going.
So I think good governance will just
keep your scheme afloat and it will
continue and it will be fine but great
governance is what's going to keep your
pension scheme moving forward and maybe
your trustees to strive for better
member outcomes and that's really what
we do at BlueSky on a daily basis with
our pension arrangements.
