Small Scheme of the Year
Winner: Scottish Federation of Housing Associations (SFHA) Pension Scheme
The one entry that really stood out in this category was that of the Scottish Federation of Housing Associations. This multi-employer scheme is run under the wrapper of The Pensions Trust, and although it is still within the asset size limit for the category, it is one of the larger schemes included in this year's entries. With 160 employers participating and 6,000 members, the judges were impressed above all with the quality of the communications that were maintained to all the interested parties.
The judges said that what really stood out was the clear commitment to the scheme and the very strong commitment to involve the whole membership. Regular newsletters are sent to each of the participating employers and the scheme showed a real willingness to consult with members and employers over any changes. As an example of this, the scheme was recently subject to a comprehensive review to look at the issue of underfunding. A copy of this report was then sent out to all scheme members and the judges felt that this level of openness and inclusiveness should be praised, especially for a scheme with such a large membership.
It was noted that the scheme has the extra back up of The Pensions Trust to call on, which makes certain resources available that other schemes of a similar size do not have access to. But the judges thought that although these resources were used fully to take advantage of cost savings, the management of this scheme was sufficiently different, looking at specific issues to this scheme and making decisions to benefit their members, that this was not just The Pensions Trust operating under a different name.
Trustee Excellence
Commended: The Pensions Trust
The judging panel felt that The Pensions Trust deserved to be commended for their efforts. The attention that The Pensions Trust pays to the training of their trustees was particularly impressive. Out of a total of 16 trustees, 12 already have the PMI certification, with a further three taking the examination this year. New trustees are also given comprehensive briefing packs to help them prepare for their duties.