Independent Governance Group
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Case Studies

Scheme governance

15 August 2022

The client

A London based wholesaler with a small closed pension scheme.

The problem

We worked with the trustee board to improve their scheme governance in order to make it robust and fit for purpose. The risk register was out of date and over long, the Trustees’ policies were either out of date or missing.

The solution

A review of the Trust Deed & Rules highlighted a number of areas where there were clear gaps in the operation of the Scheme.  For example, there was no balance of powers document, defining who has the power to set the employer contribution rate, what the terms of reference for the investment committee are (can they make decisions on behalf of the whole Trustee or can they only make a recommendation).

And there were a number of other gaps in the day to day running of the Scheme which meant the Trustees were spending less than 20% of their time at trustee meetings on the important issues such as employer covenant and funding and the remaining 80% of the time working out what they could and could not do.

We worked through a proportionate and reasonable review of the existing process and controls in place. We identified the gaps and put in place controls which are stored in one place so all of the Trustees and their advisers can easily find them.

We also recommended an electronic board meeting pack tool which includes a library of Trustee historic and current documents.

The result

We now spend the vast majority our time at Trustee meetings discussing the scheme journey plan, employer covenant and Scheme funding and less than 20% on the processes required to implement the strategy, making the Trustee Board much more effective.

What's New?

14 Aug 2025

Outsourced Pensions Executive and Secretariat Support

IGG enabled a seamless transition for a busy UK DB Pension Plan, delivering outsourced executive and secretariat support that strengthened governance and efficiency.

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12 Aug 2025

Bulk Annuity Market 2025: The Opportunity for Schemes

IGG’s take on how 2025 market shifts are creating bulk annuity opportunities for pension managers .

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12 Aug 2025

Preparing for Own Risk Assessment

How to prepare and what needs to be done for TPR’s new code of practice ORA.

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ADDRESS

4th Floor Cannon Place
78 Cannon Street
London
EC4N 6HL

CONTACT

T: +44 (0)20 4599 7299
E: info@weareigg.com

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Independent Governance Group ("IGG") is the trading name of Ross Trustees Services Limited (07904277), Independent Trustee Services Limited (02567540), Independent Trustee Limited (02473669), Clarity Trustees Limited (12470917), Leadenhall Independent Trustees Limited (02303944) all registered in England and Wales. Registered office address: 4th Floor Cannon Place, 78 Cannon Street, London EC4N 6HL. IC Select Limited (SC331180). Registered office address: DWF LLP, 103 Waterloo Street, Glasgow G2 7BW.

© 2025 Hamsard 3776 Limited, Ross Trustees Services Limited & Independent Trustee Services Limited. All Rights Reserved.

We are audited annually as set out in the Relevant Trustee Supplement to ICAEW AAF 02/07 to support our inclusion in the TPR’s Independent Trustee Register.

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