T-Charter endorsed by NAPF

The trade body said it endorsed the T-Charter – a set of principles for best practice in the transition management industry – but suggested ways for it to be developed.

Areas for development it suggested include the establishment of a formal steering group to govern and further develop the T-Charter, the introduction of a "comply or explain" requirement and improved transparency of reporting and disclosure of transition management exercises.

NAPF Investment Council chairman Arno Kitts said: "High standards are vital for all parts of the pensions industry and with the transition management industry clearly stepping up to the plate, we welcome and endorse the first T-Charter.

"As part of our position statement, the NAPF recommends that pension fund trustees and other asset owners should consider compliance with the T-Charter becoming a requirement within all Transition Management Agreements."