Trustees do, from time to time, need advice in their own right on particular issues that come up in relation to the scheme. For example, a proposal by the sponsoring company to change the scheme's benefit structure.
However, the trustees' role is not limited to such issues. They are responsible for the day-to-day running of the scheme - making sure that funds are available to pay this month's pensions, for example.
Many of these responsibilities may seem mundane for an experienced trustee board, but new trustees can find the various arrangements daunting.
So, trustees may need advice on whether they are properly exercising their discretions. If there is a large lump sum benefit to pay out, should the trustees follow the member's nomination form? What if the nomination form conflicts with the member's will, or if the member has become estranged from a spouse or from children?
Are the trustees complying with their investment obligations? Do they have in place suitable investment management and custody terms? Are the trustees collecting contributions from the members and/or the company that have been assessed properly, and in accordance with the rules?
Are the trustees up to speed with the constantly changing regulatory issues they must face - for example, how to work within the Data Protection Act 1998 or to deal with pension sharing requests from members on divorce?