PS Independent Trustees Limited announces the launch of Independent Mediation Service

06 February 2006, PS Independent Trustees Limited (“PSITL”), an independent professional trustee company in the UK, today launches Independent Mediation Service (“IMS”). Available to trustees and employers, this new service is primarily aimed at occupational pension schemes where an independent Mediator may be required to handle delicate negotiations or to assist in avoiding disputes. PSITL has a number of trained Mediators with requisite actuarial and investment qualifications and expertise to assist in these often difficult situations.

Commenting on the launch, Wayne Phelan, Director of PS Independent Trustees Limited, said, “With so many final salary schemes inadequately funded and the stronger position that trustees are expected to take in funding discussions, disputes between trustees and sponsoring employers are likely to occur.”

“Moreover, as companies try to come up with solutions to funding final salary scheme promises and the Government brings in further measures to increase consultation with members before changes occur, misunderstanding will arise” Mr Phelan added.

“Our service aims to quickly and effectively resolve any disputes or misunderstandings that arise from detailed negotiations between Trustees, Employers and Members. We are able to understand the often complex actuarial and investment issues that arise and then apply mediation skills to resolve disputes. This can be much quicker and cost effective than alternative methods available,” Mr Phelan concluded.

For media information please contact:

Penrose Financial

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

Notes to editors:

PS Independent Trustees Limited

Founded in 2001, PS Independent Trustees Limited is a separately managed Professional Trustee company within the Sanlam Financial Services Ltd group.

PS Independent Trustees Limited provides Trustee services for ongoing schemes, closed schemes, schemes that have commenced wind up procedures and also provides independent reviews of practices and procedures for Trustee Boards. Being a sister company to Punter Southall & Co, a leading actuarial consultancy, the Directors have the support and infrastructure to enable them to assist Trustee Boards to tackle relevant actuarial, administration and investment considerations. They are recognized experts in the complex field of scheme wind-ups, having regularly received appointments from Opra and receivers or liquidators acting for insolvent companies.

Each appointment is led by an experienced Director. Director that acts for clients has considerable experience of working with Trustees and Advisers on a wide range of issues and has considerable commercial experience. Most Directors are qualified actuaries.