Trustee --obliged to get best deal on charges?

8

8till8

Registered User
Messages
408
I'm a trustee of a small company scheme (6 members) which is held with New Ireland. The premium charges on annual contributions seem to be fairly high, between 5% and 10% (not including admin fee & PB fee €51.38)

Am I obliged as trustee, to shop around for cheaper or better performing pension providers?
 
Read all their stuff but it doesn't say anything about "value for money" (why am I not surprised)...
 
8till8 said:
Read all their stuff but it doesn't say anything about "value for money" (why am I not surprised)...
Click to expand...
I don't know - why are you not surprised?

I doubt that there is any specific requirement for you to get the best deal on charges. After all a specific individual or group's pension requirements may be such that you need to pay charges higher than the cheapest on the market. I presume that there is some prudential supervision role whereby you should do you best to get a "good deal" generally for the scheme/members and that you cannot arrange the pension with your mates and get kickbacks etc. This just seems like common sense to me but I don't know what the letter of the law is. Perhaps you should discuss this with the company accountants and/or pension consultants (if applicable)? If you are not comfortable with assuming the role of trustee then you should decline it.
 
You must log in or register to reply here.
Back
Top