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Trustees and wind-ups

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

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  1. Trustees and wind-ups Practical ConsiderationsAlan BroxsonIrish Pensions Trust Ltd

  2. Immediate Concerns • What is contained in the Deed / Rules • Quality of Admin Records • Benefit disputes • Claims from non-members

  3. Other considerations • Switch everything to cash? • What to tell members?

  4. Wind-up or not? • Likelihood of new employer maintaining Scheme? • Claims for additional contributions? • Priority claims increasing • Ongoing compliance expenses

  5. Risks • Cost of defence • Too often costs exceed the fees • Claims may not surface for years • Employer may not be there to honour indemnity

  6. No Surprise • Considerable reluctance to assume Trustee role in a wind-up.

  7. Experience • Ranks Flour Mills Hallmark CardsClover MeatsHospital SweepstakesPrime ComputersDublin Cargo Handlers Waterford Crystal?

  8. Experience • Limited number of large problem cases. • Problems more likely in smaller cases.

  9. 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?

  10. Expenses • Seek from liquidator if an employer expense Rarely that clear

  11. Surpluses • Does one really exist?

  12. Surpluses • Almost NEVER returned • Surplus distributed IN CONSULTATION with employer • Our standard practice is to favour actives

  13. Surpluses • Weak Ground - using surplus to add new benefits

  14. But it’s a new ballgame • Talk to me next year!

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