Atkin trustees, actuaries, consultants & administrators

Trustees can save costs by taking control of their own covenant reviews

Atkin & Co, the pension scheme administrator and actuarial consultant, today recommended that trustees take greater responsibility themselves for the initial review of their sponsor covenant, rather than simply hiring an advisor from the outset.

Chris Atkin, Managing Director, commented: “With a little guidance from their existing advisors, trustees are, on the whole, more than capable of deciphering the basics regarding the strength of the covenant with their sponsoring employer. The fundamental financial results and projections are certainly something that the trustee board are able to review and they therefore have the opportunity of saving the fees from having an advisor complete the basic review for them.

“Reviewing the strength of the sponsor covenant themselves provides the opportunity for the trustees to improve their own understanding of the future funding possibilities, as well as any potentially important factors that may affect the covenant in future. The experience of this work may enhance the trustees’ knowledge of their scheme’s situation, rather than simply reading an advisor’s report.”

Atkin continued: “The trustees’ duty to run the scheme in the most efficient manner includes the unnecessary spending of fees for work they can complete themselves. By all means after the initial review the trustees should bring on board a covenant specialist to help them analyse the findings and take forward any issues they have. But it seems too many schemes are paying unnecessary fees, without first looking for a more simplistic option. By digging a little deeper, they may find the answers themselves.”


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It is always a pleasure to deal with Atkin Trustees. They have a professional team that has a good grasp of the practical aspects as well as the theoretical. We look forward to continuing to work with them in the future.

Alex McGill, Blake Lapthorn