UK - The Department for Work and Pensions' (DWP) plans to make a third of all trustees member-nominated have been scrapped in light of the Pickering Report.
Alternative legislative proposals will now be made in the government’s pensions green paper this autumn.
This is the first action taken by a government department on the back of Pickering’s Simplification Report published last month.
In the report, Pickering recommended that the legislation governing the appointment of member-nominated trustees should be simplified, but stopped short of spelling out how this should be implemented.
Pinsent Curtis Biddle solicitor Matthew de Ferrars said that if the government adopts this purposive approach, “the days of poring over the tortuous logic of the current member-nominated trustee regulations will be over”.
SAUL Trustee Company chief executive Penny Green agreed that the proposed government regulations were over complex and that any move to simplify this would come as a great relief for pension funds.
• The DWP intends to lay out regulations to extend the current six-year period for MNT opt-outs by three years in the next three weeks. This legislation will come into force 21 days after that.
The Pension Protection Fund (PPF) is consulting on proposals to charge a "risk reflective" levy for commercial defined benefit (DB) consolidation vehicles.
The funding gap across FTSE 350 schemes could be slashed by as much as £275bn if schemes look beyond traditional ways of creating value. Victoria Ticha examines how
There will be "many flavours" of defined benefit (DB) consolidators but consolidation will only be the right answer for a minority of schemes, Alan Rubenstein says.
Work and Pensions Committee (WPC) chairman Frank Field has questioned the regulator on what lessons it can learn from the experience of the Kodak Pension Plan No.2 (KPP2).