Fact Sheet - Why Pay for Fiduciary Oversight?

Originally posted on Jun 02, 2012
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Fact Sheet - Why Pay for Fiduciary Oversight?

Ensuring a secure source of income in retirement is an important goal. While many options exist within the financial services landscape, it is difficult to know whether service providers retained are bound to act in your best interest or whether the general rule of ‘buyer beware’ applies.

 

Pension legislation has long resolved this issue in favour of the pension plan member by decreeing that the legal administrator of a pension plan must act in the best interests of the plan member, in other words, must act as a fiduciary. Pension legislation also states that the agent of such a plan administrator must also be held to this same fiduciary standard of care.

 

Because INTEGRIS is appointed as the delegated plan administrator of the PPP, it must legally act in the best interest of its clients. A number of practical consequences flow from this legal principle:

 

·         INTEGRIS must always put the interests of its clients above its own.

·         INTEGRIS acts on behalf of the plan member in dealings with service providers to the PPP.

·         INTEGRIS seeks to generate economies of scale to pass along to its clients.

·         INTEGRIS provides an oversight role that large corporations adopt through their Compliance Departments in order to follow best practices and ensure being in good standing with regulatory authorities.

 

While it would not be economically viable for a single plan member to afford and maintain the expertise of the supervisory team offered by INTEGRIS, since this service is offered across the INTEGRIS clientele, all can enjoy full compliance and peace of mind at an affordable price.

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