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.
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