UK - Alexander Forbes Trustee Services has launched a service which would free insolvency practitioners (IPs) from the liability of being a trustee of an insolvent company's defined contribution (DC) pension scheme.
Darren Toms, associate director, Alexander Forbes Trustee Services, said: "Insolvency practitioners are familiar with the impact that winding-up a DC pension scheme can have on an insolvency.
"It is frequently the single factor that causes the most delay and often forces IPs to keep insolvencies open that could otherwise be concluded quickly and profitably.
"Trust Ease has been designed to relieve IPs from the burden of trusteeship in a cost effective and efficient manner."
Whenever an insolvent company is the trustee of an employer-sponsored DC scheme, the IP becomes trustee by default on appointment.
When the pension scheme rules permit, Trust Ease would enable Alexander Forbes Trustee Services to replace the IP freeing them from all ongoing liabilities.
Trust Ease is only relevant to employer-sponsored DC pension schemes. Under the terms of the Pension Act 2004 it is the responsibility of The Pension Regulator to appoint independent trustees to employer-sponsored defined benefit (DB) pension schemes.
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