UK - Around 100 independent trustees have given their support to a drive by the Pensions Management Institute to raise industry standards.
The PMI’s independent pension trustees group – set up at the beginning of August to address concerns of widespread mismanagement of scheme wind-ups – has already attracted 93 members.
PMI said pledges of support “exceeded expectations” – and thanked IPN’s sister publication Professional Pensions for raising the profile of the group.
The steering committee, under the chairmanship of Tony Ashmore, has been split into sub-groups and is putting together a self-regulating code of practice – expected to be published in March.
General secretary Sue Howlett said word-of-mouth and publicity had produced an “extremely encouraging” response. She added: “People signing up to the group are effectively saying they agree to abide by the code of guidance currently being drawn-up.
“While we will ask for reconfirmation when it is published, there seems to be widespread support for raising standards across the industry.”
The group is aimed at trustees without having direct involvement to the scheme itself, and will provide support network through newsletters, informative sessions and a chance to meet on a regular basis.
By producing a recognised code of practice, the group hopes to make it easier for the ombudsman and OPRA to judge if independent trustees are abiding by the law and in turn boost confidence in the industry.
A series of seminars will begin in London on January 15.
It will include sessions on transition management, financial strength reports, agreeing contracting-out liabilities and a look at buy-out annuities. For details, email [email protected]
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