The most common structure for a company pension scheme is to establish a Trust. This is an organizational structure that allows a scheme to access the largest amount of tax relief as well as ensuring that the assets of the pension scheme separate from the company itself.
A trustee can be an individual or a company that provides pension services that act separately to the company and manage and hold the assets of the scheme. Trustees are required to ensure that the scheme is run responsibly and follows the rules that are created for it at the setup stage. Individual trustees are legally obliged to understand the pension landscape and the rules, laws and regulations pertaining to it.
The day to day running of the scheme is normally managed by an insurance company or broker, not by the trustees. The trustees operate an oversight role and are an informed third party that can communicate and elaborate on the scheme for its members as it evolves.