Punter Southall announces launch of an Independent Pension Trustee Service

21 November 2005, Punter Southall & Co Ltd, a leading actuarial consultancy, today announced the launch of an independent pension trustee service, PS Independent Trustees Ltd. (PSITL), in England and Wales. The service, which has been available in Scotland for over five years, has been launched in response to the growing demand for independent trustees to join trustee boards. This has come about as a result of the conflicts that board directors are facing as Trustees and also because of the increased responsibilities and duties imposed on lay Trustees by the Pensions Act 2004.

PSITL provide services for schemes that have commenced wind up procedures and also for ongoing schemes. They are recognized experts in the field of scheme wind-ups, having regularly received appointments from Opra and receivers or liquidators acting for insolvent companies.

Commenting on the launch, Andy Scott, Principal at Punter Southall, said:
“With so many final salary schemes inadequately funded and the new knowledge and understanding requirements set by the Pensions Act, there has never been a more pressing need for company pension schemes to consider appointing an independent professional trustee. Both the trustees and the employer need informed and realistic guidance from within the trustee board on how best to deal with the problems they are now facing.

“Most of our senior colleagues have long experience in pensions and have been trained in mediation skills. This allows us to clarify and efficiently settle any conflicts of interest which can arise between a sponsoring employer, insolvency practitioner and the scheme's beneficiaries. This requires a full understanding of the issues and a proper separation of control of the scheme's assets from the company's. We can then give reassurance to the scheme's membership that there is no bias towards any particular party.

“Education and advice will be essential in helping individuals to understand exactly what the NPSS will provide so that they do not opt out. Care will also need to be taken to ensure that the accounts act as a springboard for further savings, rather than as a ceiling on the normal levels of contributions paid by members and employers.”

For media information please contact:

Penrose Financial

Roman Townsend, Penrose	020 7786 4875
Julie Allison, Penrose	020 7786 4872

Notes to editors:

Punter Southall:
Consulting actuaries Punter Southall & Co Ltd, and the independent financial adviser PSFM Ltd are businesses within the Sanlam Financial Services Ltd group.

Founded in 1988, the actuarial consultancy is managed by experienced principals, each of whom leads a multi-disciplinary team. The company prides itself on its combination of the highest technical expertise with its own, unique, consultative, creative and innovative approach. Punter Southall & Co provides a complete range of pensions consultancy and administration services including actuarial funding reviews; arrangement and review of risk benefit insurances; benefit calculations; communication of scheme benefits to employees; employee benefit design; financial and investment advice; pension scheme administration and statutory compliance.