I recently described the role of a trustee as a retirement guardian angel, and that is an incredibly privileged position. It is also an incredibly difficult one. Most of the time, members don’t know
we’re there, but that doesn’t stop us safeguarding them – catching issues, making improvements, and ensuring the right support is in place to aid their decision making and protect their financial future. As trustees of course we are supported
in our role by advisers and providers, but ultimately the buck stops with us, so how do we make it work?
A clear, shared sense of purpose is often what sets successful pension schemes apart. However, while everyone may be aligned on the end goal, that doesn’t mean the process is easy. We still need to navigate difficult conversations and differing views, but having clarity on what success looks like means challenges can be worked through in a smoother way, and solutions can be found together.
Building a strong relationship between trustees, advisers and providers takes time. Like any relationship it must be nurtured and time must be invested in getting to know individuals, and their unique pressures, priorities and working styles. Clear communication is essential, for example it’s important to recognise who might prefer detailed discussions in advance, and who benefits from a concise, two-line summary. There also needs to be agreement on how much information should be shared, in what format, and how decisions are reached. This initial commitment of time and energy is well worth the investment in the long term as you build those relationships. However, as with any long-term partnership, ongoing care and attention is required to help you continue to thrive.
As trustees we are responsible for member outcomes, and it’s important to remember that the actions that we take can directly impact an individual’s financial future. It’s our duty to ensure we obtain the right advice, create a positive experience for members when dealing with administrators and challenge providers to continually evolve their propositions. We hold the power to speak up and use our voice, asking the right questions to drive positive change. It’s imperative we use it.
Clarity is key
The journey won’t always be straightforward, inevitably we will encounter disagreements or practices we don’t support. It’s important to set clear expectations around the table from the outset, and to challenge behaviours that don’t align as they arise. As trustees, we must not shy away from difficult conversations or hesitate to voice concerns when things don’t go to plan. If something doesn’t look right or feel right, keep asking questions until you are comfortable with the response and have an agreed plan of action to resolve the issue.
If all parties are aligned on priorities, change becomes easier to enact. For example, as trustee of a defined contribution master trust, we are governing a commercial product and work with the provider to continually improve value for money. In the world of DC there are always improvements that can be made across communications, tools, investment design and administration practices as the market evolves at pace. The key is to identify the top priorities for change from a trustee perspective, and to be clear about these with the provider. You are more likely to achieve success if you agree on what good looks like.
Embracing the role of retirement guardian angels means more than just overseeing financial outcomes – it requires courage, clarity, and connection. As trustees we must not shy away from difficult conversations, take the time to
truly understand each other, and clearly communicate our expectations. By aligning our priorities and defining what success looks like, we can use our voices to lead with purpose, drive meaningful change and safeguard the financial futures of members.