Why appoint a professional pension scheme trustee?
The role of a pension scheme trustee is complex and challenging. Trustees are responsible for complying with an ever increasing amount of statutory regulation and governance in addition to fulfilling onerous common law duties. IORP II has specific requirements for trustees on qualifications and experience. It makes sense to appoint a professional trustee such as ILP Pension Trustees DAC to carry out the trustee role in your pension scheme.
Knowledge and Expertise
A professional trustee, such as ILP Pension Trustees DAC (ILP) with its experienced team can provide the knowledge and expertise in this demanding role, helping to ensure the efficient and effective operation of the pension scheme.
Responsibility and Liablility
A trustee is personally liable for breach of trust or failure to comply with legislation. A professional trustee carries this risk and responsibility. IORP II regulations require at least one Trustee to be suitably qualified.
ILP Pension Trustee Dac
ILP Pension Trustee Dac is the parent company to a number of professional trustee companies with extensive experience in the pensions market.
- Acumen & Trust Pension Trustees Dac
- Invesco Trustees Dac
- ILP Master Trustees Dac
- Navigate Master Trustee DAC
- Irish Life Trustee Services Ltd
Conflicts of Interest
Trustees who are members of the board or senior executives of the company may have a conflict of interest between their duties to the company and to their responsibilities towards the members of the pension scheme. Appointing a professional trustee avoids such potential conflicts.
Why choose ILP Pension Trustees DAC (ILP)?
- ILP offers an expert professional trustee service. ILP can act as the sole trustee of your pension scheme or alongside co-trustees.
- ILP has a dedicated trustee team with qualified expertise together with a strong governance structure.
- ILP has a wealth of knowledge and acts as trustee for a wide range of national and multinational companies. ILP is currently trustee of over 300 schemes, including both defined benefit and defined contribution schemes.
- ILP carries the liability and responsibilities in a pension scheme where it is the sole trustee. In these circumstances, there are no requirements for (and costs arising from) separate trustee insurance and trustee training.
- ILP’s fees are competitive considering the level of responsibility involved and the insurance and administration costs associated with being a professional pension scheme trustee.
Ciaran Martin
Trustee Director
Ciaran has designed, managed and consulted to many pension schemes in Ireland over the last 25 years. As a past President of the Irish Institute of Pension Managers, Ciaran is acknowledged as a leading expert in the pensions industry in Ireland. Ciaran is also an experienced trustee and provides independent trustee services to both DB and DC schemes. Prior to joining Acumen & Trust in 2000 as a director and Invesco in 2021, Ciaran held senior management positions in Scottish Provident and Irish Pensions Trust.
Finian O'Driscoll
Trustee Director
Finian has over 30 years’ experience in the employee benefits and trustee fields. He was previously a leader of the Mercer and Invesco offices in Cork where he worked as a client director, consultant, and trustee consultant for a multitude of clients. Finian’s significant experience of working with and advising trustee boards and sponsoring employers on a variety of issues relating to and impacting on their pension schemes greatly assists the Invesco Master Trust. Finian has strong problem-solving skills and is focused on best member outcomes. Finian has an excellent understanding of the duties and responsibilities of trustees generally and has excellent investment knowledge.
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Frank Downey
Trustee Director
Frank has over 25 years’ experience in the Actuarial and Employee Benefits fields and acts as a Scheme Actuary to a portfolio of pension schemes. He is currently a member of the Professional Affairs Committee and has served on the Council of the Society of Actuaries in Ireland. Frank previously worked with Buck Consultants and Irish Life. He holds a BA in Economics from Trinity College, Dublin and qualified as an actuary in 1986. Frank currently acts as a trustee adviser to many ILP clients, both DB and DC