Under the model, Atkin Trustees take over full responsibility for a client’s pension scheme and are responsible for the governance of the scheme, as well as the co-ordination of services and providers. Company and member representatives are able to retain involvement but are not themselves trustees, according to a press release.
“The needs of the small scheme are the same as those of large schemes but they don’t have the same resources. We have recognized that gap in the market and this model aims to relieve those pressures and create a healthy fund for the company and the members,” said Richard Bryant, Head of Trustee Services, in the press release. “We are extremely pleased that this model is already being well received following initial conversations in the market. We have very recently applied this service to one scheme and reduced costs from an average of well in excess of £200,000 pa to £80,000 pa, whilst at the same time putting in place more efficient governance processes and reviewing the service providers. We are confident that this model is going to be the ideal solution for many schemes.”More information is at http://www.atkin.uk.com.