From April 2015 the FCA will require all insurance companies and firms with a current or legacy portfolio of Workplace Personal Pensions (WPPs) to have in place an independent committee to assess the value for money that members will receive.

If a firm considers it appropriate having regard to the size, nature and complexity of the WPPs it operates it can outsource this function to a Governance Advisory Arrangement (a GAA).

The PTL GAA comes in two versions; GAA Lite and GAA Plus:

  • GAA Lite is an off the shelf solution which can be quickly and efficiently adopted.
  • GAA Plus is a bespoke solution more closely tailored to the individual needs and requirements of the particular insurer.

Our aim, with the PTL GAA, is to help firms comply with their obligations quickly and easily.

How the service works

The PTL GAA board will, normally, meet four times a year to consider the value for money of your portfolio of WPPs.

From time to time the board may make recommendations to you on how to improve value for money. You will be asked provide a “comply or explain” response to any such recommendations.

Annually the board will produce a report for your members for you to publish to your website.

PTL GAA Plus clients will be able to tailor our MI requirements and to attend relevant parts of the GAA board meetings.

Your commitment

  • You will need to sign our terms of business and PTL GAA Terms of Reference.
  • You will need to provide us with the Management Information we ask for.
  • You will need to engage with us if we make recommendations to you on improving value for money.
  • You will need to pay our fees.

Why choose PTL?

The PTL GAA is built on our unparalleled experience of providing trustee services to insured DC Master Trusts and of acting on WPP Independent Governance Committees (IGCs)

People – our people are our strength. We aim to attract and retain the best. We make a point of employing people of differing character. This means that we have someone who can fit into any client relationship.

Team – we work as a team on all appointments. A client director, a manager and an assistant. All members of the team are expected to have a relationship with the client. This means that we are accessible and can work efficiently.

Diverse – the team come from varied backgrounds giving us a rare breadth and depth of knowledge and experience.

Outcome focused – our aim is to help our clients identify their strategic objectives, the different ways of achieving them, the best route right now and then to execute that strategy. We want to help our clients fix their problems not just contain them.

Hands on approach – we want to be actively involved. We want to take as much work away from you as you want to delegate.

At the center – we are heavily involved in the industry, sitting on a number of bodies and are an active contributor to public debate on issues. This means that:

  • Through us our clients have a voice in the formation of the policy and regulation that affects them.
  • We have early warning of what is coming, giving our clients more time to prepare.
  • We gain a “coal face” understanding of regulation and policy which means, in turn, that we are better able to help our clients comply or mitigate

Award winning – we and our clients have won awards for our innovation and delivery.

Regulated - we are regulated by the Solicitors Regulatory Authority (SRA)

The PTL Approach

Our approach is to be personable, pragmatic and professional.

We approach every client in a collaborative way. Our aim is to help our clients identify their strategic objectives and then work with them, the trustees and the employer, the members and other service providers to achieve that objective.