Industry backs Myners overhaul

HM Treasury, the department for work and pensions and The Pensions Regulator have launched a joint consultation which proposes a "refreshed and simplified" set of principles (PP, April 3).

Pensions Management Institute president Steve Delo said he was currently "underwhelmed" by the voluntary principles.

He said: "It has been such a long time since they were updated – it is about time they were re-evaluated. What the industry needs now is something clear, crisp and measurable, because anything broad or vague will add unnecessary burden on trustees."

John Lewis pension investment manager Andrew Chapman added: "The move to update the Myners Principles was inevitable, as there is an underlying need to make sure that they respond to a changing industry. The principles should offer a common code of practice for the industry and set a certain standard."

The latest consultation follows a review of the principles by the National Association of Pension Funds, which recommended an urgent update.

NAPF chief executive Joanne Segars told PP, that although the principles remained relevant, they were "in need of refreshing to ensure they continue to reflect best practice and take account of legislative, regulatory and market developments since 2001".

She added: "Trustees have an awful lot on their plate and hopefully new guidance will help relieve them of this."

Mercer principal investment consulting business Piers Bertlin added: "Investment decision-making is one of the most technical and demanding areas of trustee activity. Improving its effectiveness will benefit the relationship between sponsors and trustees, UK pension funds and the wider economy."