20-20 Trustees are well versed in managing the broken relationships, conflicts and priorities of multiple stakeholders and advisers, and we use our people skills to find a workable outcome, so that blockages can be cleared and the scheme can continue to progress to its end goal.
Like any situation where there are conflicting priorities, embedded conflict-of-interest, multiple advisers trying to demonstrate value, and complex financial arrangements, the relationships between key decision-makers can be eroded. A fresh view from an experienced and independent trustee may be needed.
There are many situations that can lead to a breakdown in relationships including opposing and irreconcilable views from advisers, miscommunication as well as individuals sitting in senior company positions and in influential positions on the Board of Trustees. Not only can such situations make discussions around the pension scheme difficult, it can also disable any progress on making important funding, investment or de-risking discussions.
It is therefore important to understand what the primary drivers of the opposing views are, how to manage potentially conflicting personalities and the
options (including innovative ones) that could unlock the situation and allow progress to be made.