UK: Helping trustees reduce key person risks
The global pandemic put many business continuity plans to the test, and pushed some beyond their breaking point.
While Covid-19 has now diminished in its impact on day-to-day business, you never know what may lie ahead – pension scheme trustees should now consider taking a step back and think about long-term issues to make sure their business continuity and pension risk management plans are fit for purpose.
One ever-present risk is where an individual is appointed to fill a particular role. What happens if they’re unexpectedly unable to work, due to something like a family emergency or ill-health?
Many schemes use an individual as a Pensions Manager and/or Scheme Secretary. Nobody is indispensable but there may be no obvious substitute for such a key individual. If the key person is unavailable to meet their responsibilities, this could lead to delays and extra cost at a time when it’s least needed.
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