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Trustees and wind-ups. Practical Considerations Alan Broxson Irish Pensions Trust Ltd. Immediate Concerns. What is contained in the Deed / Rules Quality of Admin Records Benefit disputes Claims from non-members. Other considerations. Switch everything to cash?

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trustees and wind ups

Trustees and wind-ups

Practical ConsiderationsAlan BroxsonIrish Pensions Trust Ltd

immediate concerns
Immediate Concerns
  • What is contained in the Deed / Rules
  • Quality of Admin Records
  • Benefit disputes
  • Claims from non-members
other considerations
Other considerations
  • Switch everything to cash?
  • What to tell members?
wind up or not
Wind-up or not?
  • Likelihood of new employer maintaining Scheme?
  • Claims for additional contributions?
  • Priority claims increasing
  • Ongoing compliance expenses
risks
Risks
  • Cost of defence
  • Too often costs exceed the fees
  • Claims may not surface for years
  • Employer may not be there to honour indemnity
no surprise
No Surprise
  • Considerable reluctance to assume Trustee role in a wind-up.
experience
Experience
  • Ranks Flour Mills Hallmark CardsClover MeatsHospital SweepstakesPrime ComputersDublin Cargo Handlers

Waterford Crystal?

experience8
Experience
  • Limited number of large problem cases.
  • Problems more likely in smaller cases.
action against liquidator
Action against liquidator
  • Large cases with reasonable chance of success.
  • Small cases - cost vs possible benefit a major consideration
  • What is contained in formal docs?
expenses
Expenses
  • Seek from liquidator if an employer expense Rarely that clear
surpluses
Surpluses
  • Does one really exist?
surpluses12
Surpluses
  • Almost NEVER returned
  • Surplus distributed IN CONSULTATION with employer
  • Our standard practice is to favour actives
surpluses13
Surpluses
  • Weak Ground - using surplus to add new benefits
but it s a new ballgame
But it’s a new ballgame
  • Talk to me next year!