FOI reference - FOI-66
Date - 4 January 2023
Request
Was an independent adjudicator appointed to oversee any of the Condor schemes?
Since 2013 to date has an independent adjudicator been appointed to oversee any of the pension schemes, which were given to Dalriada Trustees to administer?
Since 2013 to date has an independent adjudicator been appointed to any other scheme which you have handed over to any other independent trustee?
Do you keep records of the costs incurred in running these schemes submitted by the independent trustees?
What on average is the cost in percentage terms that is deducted from a saver's pension, when an independent adjudicator is appointed as against when none is appointed?
Response
I can confirm that we hold information falling within scope of your request.
Information we are able to supply
Was an independent adjudicator appointed to oversee any of the Condor schemes?
An independent adjudicator was not appointed to oversee any of the Condor schemes.
Since 2013 to date has an independent adjudicator been appointed to oversee any of the pension schemes, which were given to Dalriada Trustees to administer?
Since 2013, no independent adjudicators have been appointed on any of our trustee appointments.
Since 2013 to date has an independent adjudicator been appointed to any other scheme which you have handed over to any other independent trustee?
Since 2013, no independent adjudicators have been appointed on any of our trustee appointments.
Do you keep records of the costs incurred in running these schemes submitted by the independent trustees?
Yes. You may wish to review our response to your previous freedom of information request dated 4 May 2020 referenced FOI-4711. In this response we provide further information on costs.
Information not held
What on average is the cost in percentage terms that is deducted from a saver's pension, when an independent adjudicator is appointed as against when none is appointed
Independent trustees are often appointed to scam schemes – where there are little or even no assets left – in order to establish what happened and to look at options to recover pensions wherever possible. In such cases, the independent trustees fees will be significant in relation to any assets that remain at the time of their appointment. However, this is a necessary step if there is to be any prospect of generating a better recovery for pension savers.
As such, we do not regard the costs of an independent trustee’s appointment relative to the assets held by the scheme at the time they are appointed, to be a reliable indicator of performance. There may also be occasions where some or all of the independent trustee’s fees are never recovered at all, because there are insufficient assets within the scheme. We therefore do not record that data.
Advice / assistance
TPR has an open and fair tender process for trustee appointments.