17/2/2009
By Sophie Baker
A team of wind-up specialists has been added to independent trustees company Dalriada to help prepare trustees for a downturn.
The additions of Catrina Brown, Aileen Pogue and Deborah Grant, former employees within financial consultant Mercer's scheme terminations unit in Belfast, have strengthened Dalriada's pension scheme discontinuance capabilities.
Connie Johnstone, director at Dalriada, said: "In addition to managing a number of schemes through assessment periods for the Pension Protection Fund, Daliada already acts as trustee to a number of schemes where work will be required prior to transfer to the Financial Assistance Scheme. It seems clear that many schemes transferring to the Financial Assistance Scheme will benefit from the expertise of a professional pension scheme trustee."
Johnstone said this area is becoming increasingly complex, and there is a need for skilled staff with experience of the winding up processes.
"Unfortunately the current economic downturn will be the end of the road for some employers but we have ensured that we have the personnel in place to meet the likely demand for an independent trustee where an employer is facing the possibility of insolvency," commented Brown. "Hopefully in many cases we will be able to work with the employer to run the scheme over a period for the Pension Protection Fund becomes crucial."
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