Mark Smith, senior consultant at LCP, said: “For many defined benefit pension plans only one or two people at the employer understand the current operation of the plan and the history. If these people are selected for redundancy, early retirement or redeployment, then the trustees need to act quickly to make sure their knowledge is retained.”
Good governance, urges the actuarial firm, is to have succession planning in place and to ensure complete records are kept up to date.
DR
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