Supporting trustee transition for UK defined benefit scheme

When a UK defined benefit pension scheme needed to appoint and onboard a new trustee director, it turned to Barnett Waddingham (BW) for expert support.

With a focus on smooth transitions and robust governance, we delivered a tailored solution that ensured compliance, provided comprehensive training, and fully supported a new trustee director. By streamlining both the onboarding and removal processes, we exceeded expectations and demonstrated our expertise in trustee management.

The challenge

The scheme required seamless management of the appointment and induction of a new trustee director following a retirement on its small corporate trustee board. The new trustee needed to be onboarded efficiently, with full adherence to legislative requirements, while receiving structured training to quickly familiarise themselves with their role and responsibilities.

Adding to the complexity, the corporate trustee company secretary was newly appointed, and the retiring trustee director’s exit also required careful coordination. The scheme sought BW’s support to ensure the process ran smoothly and met all technical, administrative, and governance standards.

Our solution

Experts from our Pensions Executive Management team drew on their extensive experience with similar onboarding processes to design and deliver a tailored solution that aligned with the client’s objectives.

• Collaborative planning: We worked closely with the trustee chair to develop a comprehensive onboarding plan. This plan encompassed every stage of the process, from appointment documentation to introductory training and preparation for the trustee director’s first board meeting.
• Effective communication: Early contact with the new trustee director established a strong working relationship. We clearly explained the purpose of required forms and documents, addressed initial queries, and collaborated with the trustee’s legal adviser to resolve technical aspects efficiently.
• Streamlined setup: Upon the appointment’s confirmation, we ensured prompt access to the trustee’s online document repository and systems. Our team provided a step-by-step guide and overview of key processes, including board meeting protocols and scheduling.
• Comprehensive training: We coordinated one-hour introductory sessions with each of the trustees' advisers. These sessions covered the advisers’ roles, relevant scheme topics, and key industry themes, providing the trustee director with a structured and holistic induction program.
• Ongoing support: Leading up to the trustee director’s first board meeting, we proactively checked their readiness and addressed any questions. Post-meeting, we followed up to ensure their comfort and offer additional assistance.

In parallel, we managed the exit process for the retiring trustee director, ensuring best practices were followed. This included guiding them on securely handling confidential scheme information and combining the removal process with the new trustee director’s onboarding to streamline administrative steps, such as updating Companies House records.

The outcome

Our approach delivered a smooth and efficient onboarding process, achieving all deliverables on time. The new trustee director felt fully supported and prepared for their role. Key results included:

• Compliance with all legislative and governance requirements.
• A well-structured induction program that equipped the new trustee director with essential knowledge and confidence.
• A joined-up approach to onboarding and removal processes, minimising duplication and administrative burden.

"Barnett Waddingham handled my onboarding process very well. They ensured everything ran smoothly and arranged a comprehensive and well-structured overall induction programme with the trustee’s other advisers. The whole process was smooth, efficient and supportive."

Exceeding expectations

Recognising that the corporate trustee company secretary was new to their role, we provided additional support to ensure alignment on responsibilities and requirements. Our collaborative, tailored approach helped foster trust and confidence across all stakeholders.

The client valued our ability to address the practical, technical, and relational aspects of the process while delivering a solution that was both efficient and highly personal. This case exemplifies BW's commitment to providing exceptional client service and robust governance support.