In last week’s blog post 21st Century Trusteeship – the new campaign, we looked at the launch of the Pensions Regulator’s campaign designed to raise standards of governance in UK pension schemes. In the coming months, one of the aspects of 21st Century Trusteeship on which the Regulator will publish guidance is around the roles and responsibilities of trustees.
Last week, the Gateley Plc Pensions team hosted a dinner – a group of independent trustees representing many of the country’s leading trustee companies met to discuss the future of trusteeship with Fiona Frobisher, Head of Policy at the Pensions Regulator. While it would not be appropriate to share the detail of the evening’s debate, on the basis that what goes on on tour…, we can give you a flavour of the subjects under the spotlight.
We discussed a number of issues relating to scheme governance. Within that topic, a key discussion centred on the question of boundaries – what level of regulation of trustee behaviour is appropriate?
Guests were keen that the professional bodies which represent independent trustees, such as TACT and APPT, should have involvement in the formulation and/or the enforcement of standards to which independent trustees will be required to adhere. There was a feeling that the involvement of these bodies would ensure that regulation for its own sake, leading to unnecessary time and money being spent by pension schemes and their employers for little obvious gain, could be avoided as far as possible.
The Regulator will be giving an opportunity for all interested parties to consult on the standards in due course.
This blog post was written by Jill Walters. For further information, please contact:
Michael Collins, partner, Pensions
T: 0121 234 0236