From time to time the OPA conducts surveys of its members' associations so that Council is kept aware of all its members' views and its scheme details.
In support of this Council urges all member associations to keep themselves informed of their own schemes' details. Copies of the schemes' full annual accounts and the (generally) triennial actuarial reports should be requested from the scheme administration on a regular basis. A Summary Funding Statement now has to be issued to all members annually and some detail may also be in a scheme newsletter but both of these often contain insufficient detail so it is essential to request copies of the full accounts.
In addition you are advised to request copies of the Statement of Investment Principles, Statement of Funding Principles, the Recovery Plan and the Schedule of Contributions.
The Trust Deed itself is also a useful document to have for reference but bear in mind that this will be written in the sometimes obscure and impenetrable language which lawyers use.
Associations should also maintain good relations with their Member Nominated Trustees by correspondence or preferably, inviting them to meetings but be aware that that trustees are bound by confidentiality agreements so may not be able to answer all your questions.
Following this advice will assist the speedy compilation and analysis of the results of the survey and help to make both your association and the OPA more effective organisations |