In our series, Pensions Life Hacks, we provide top tips to help trustees deal with tricky situations. These are based on issues that we have come across in practice and we would like to help you to avoid the pitfalls.
In the fifth of our Pensions Life Hacks series, Pensions senior associate Alexandra Heggie focuses on Benefit Specifications. For pension scheme trustees who are planning a bulk annuity purchase, a key task will be preparing and reviewing a benefit specification. This is a significant task, and important decisions need to be made on the scope of the project, and, in particular, whether all of the scheme’s past trust deeds need to be considered.