The trustees are responsible for many matters that they typically delegate to others, such as actuaries, investment managers and administrators. They need to be sure that these advisers are doing a good job, and they also need to be sure that they are getting value for money.
It is good practice to review advisers informally annually even if the trustees are happy with their current arrangements – a good adviser will welcome feedback and ways to improve their service. Taking some time outside of busy meetings to have a high-level service discussion with advisers often helps to build relationships and iron out any small issues.
The Pensions Regulator has published various resources for trustees relating to their service providers. We have included links in the list of resources. These include a number of questions for consideration when reviewing adviser contracts, and comments about monitoring performance.