Regulatory guidance
Relations with advisers
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This best practice guidance sets out some key issues for trustees to consider in their relations with advisers.
Our aim is to help you make the best use of the considerable expertise that advisers and service providers can bring to your pension scheme.
Also, our Trustee toolkit highlights throughout the importance of working with your advisers.
View the full guidanceKey points
- Trustees employ advisers and service providers to help them in the running of their pension scheme. It's a legal requirement for some types of advisers to be appointed to pension schemes.
- Although trustees can delegate duties to their advisers and service providers, they remain responsible for the work carried out on their behalf.
- This best practice guidance is not designed to be a 'checklist' – there may be other considerations relevant to the individual schemes not covered here.
- You can work through the guidance or simply select the type of adviser relevant to you. Each section is then divided into two parts:
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- key issues to consider when appointing a new adviser or reviewing the performance of an existing adviser; and
- key issues to consider in order to get the best service from your current advisers.
- There are areas of overlap between the two sections, however, and many of the key issues to consider will be useful in either scenario.
- For consistency, we use the term 'adviser' throughout to refer to advisers, service providers and suppliers.