What is a trust-based chair statement?
The chair’s statement is an annual update by the trustee board on key areas of the scheme such as:
- Investment strategy
- Administration performance
- Costs and charges
- Value for money
It’s an opportunity for the board of trustees to update their members on areas that have performed well over the last 12 months, and areas they have highlighted as needing improvements.
How costs and charges can affect the overall value of a pension pot over time
The chair’s statement describes the production of a number of illustrative examples of the cumulative effect of costs and charges on pension savings over a period of time.
Where can I find my scheme’s chair statement?
It is a regulatory requirement to produce a chair statement at least once every 12 months and for this statement to be publicly available, free of cost, to its members.
Most schemes will hold a copy of their chair statement on their website. We do hold a number of our schemes' illustrations which you can find below: