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:

  • better understand the items of work arising in the future, the time available, and the amount of delegation therefore required for more routine matters
  • plan training
  • co-ordinate advisers
  • engage with the employer more efficiently.

A business plan may incorporate an annual calendar but it is more than that. It could include, for example:

  • goals
  • objectives
  • targets
  • details of monitoring
  • whether training is required
  • sign off dates
  • specific responsibilities for individuals and for firms of advisers.