The Pensions Regulator’s view is that setting a clear purpose and strategy is essential to managing schemes effectively and getting good outcomes for members. It believes that trustees should develop a business plan to help them plan ahead and comply with any legal requirements.
The Regulator believes that the business plan should contain strategic goals and that progress should be checked against short and medium term objectives. It should then help to act as an early warning system for any problems.
A business plan is useful for other reasons too. For example, it should help the trustees to:
A business plan may incorporate an annual calendar but it is more than that. It could include, for example: