A Vulnerable Member Framework for Trustees has been developed by the Workplace Savings community.
This Framework is designed to assist Trustees to:
understand vulnerability and its impact on members;
identify vulnerable members and their touch points;
develop a scheme vulnerability framework alongside administration managers; and
improve experience and outcomes for vulnerable members.
The guide includes an escalation process for when a vulnerable member has been identified, as well as how to address vulnerability through effective support services, communication, training and making changes to schemes to avoid potential harm to vulnerable members. It also includes a helpful ‘Next Steps’ section for Trustees to follow to support their schemes in developing an effective framework.
This information sheet is intended as general information only and does not constitute legal advice. It is not intended to replace existing legislation, regulations, or regulatory guidelines. Whilst their legal accuracy (where referring to the legislation) has been confirmed, some aspects are open to individual interpretation. Any conflict should be construed in favour of the applicable legislative requirement, with further legal advice sought.
The FSC and its employees make no express or implied representations or give any warranties regarding these Guidelines, and we accept no responsibility for any loss, damage, cost or expense (whether direct or indirect) incurred by you as a result of any error, omission or misrepresentation in this information.