PAN Governance LLP named Deloitte Pensions Master Plan independent trustee
7 October 2015
PAN Governance has been appointed independent trustee of the Deloitte Pensions Master Plan, a Master Trust arrangement consolidating defined benefit schemes into a single trust to benefit from economies of scale.
Mark McClintock, Deloitte pensions services partner, said: “PAN is an award winning independent trustee firm and widely admired across the industry. Mike Roberts, who will lead this appointment, is a highly respected figure in the pensions and actuarial consulting world, having been President of Buck Consultants’ worldwide operations until 2014. PAN’s involvement helps to highlight the attractiveness of our Master Plan offering and the quality of governance to which member schemes will have access.”
Each scheme upon entry to the Deloitte Pensions Master Plan retains its existing board of trustees, including any independent trustees. The key elements of existing schemes will also remain unchanged - including member benefits, the trustee board, employers’ responsibilities and the schemes’ investments. Oversight from PAN will ensure that the Plan as a whole will benefit from improved governance.
The initiative has been funded by Deloitte’s Innovation Council, an internal board established in 2013 to support smart idea development, and to provide investment in innovative and unique programmes. The results of this have seen the direct addressing of client challenges and real, tangible solutions for Deloitte clients. The funding covered legal advice costs, talent expansion, and an upgrade of Deloitte’s existing software infrastructure to service an expanded client base.
Mike Roberts, Principal of PAN Governance LLP, said: “The Deloitte Pensions Master Plan is an exciting innovation, in that it addresses the very real issue of small and medium sized pension schemes trying to achieve the efficiencies and economies of scale which have historically only been available to their larger counterparts. PAN is pleased to be associated with an offering which addresses this issue, whilst allowing individual schemes to retain control over decisions relating to their own trustee board, investment strategy and funding policy.”
The announcement follows the recent launch of the Deloitte Pensions Master Plan, and comes as a result of an extensive competitive assessment process.
Notes to editors
In this press release references to Deloitte are references to Deloitte LLP, which is among the country's leading professional services firms.
Deloitte LLP is the United Kingdom member firm of Deloitte Touche Tohmatsu Limited (“DTTL”), a UK private company limited by guarantee, whose member firms are legally separate and independent entities. Please see www.deloitte.co.uk/about for a detailed description of the legal structure of DTTL and its member firms.
The information contained in this press release is correct at the time of going to press.
Member of Deloitte Touche Tohmatsu Limited.