UK - Pensions Management Institute is setting up a new group for independent trustees.
The move follows a number of discussions held under the auspices of the PMI.
But it has not yet been decided whether the new group will operate under the PMI banner or as a separate body.
Capital Cranfield Trustees managing director Bob Bridges – one of eight founding members of the group – said: “There is some distress from independent trustees about how they operate in these difficult times.
“We need to have some central point to make sure we raise standards and encourage best practice.”
The new group – which will be open to anyone who carries out the role of independent trustee for pension schemes – will offer training, networks and support.
An inaugural meeting – open to all independent trustees – will be held on September 29 when full details of the group will be finalised.
PMI council member and chairman of the steering group Tony Ashmore explained that the purpose of the meeting is to discuss and set up working parties, to consider how to establish the group and to discuss the terms of reference for a code of practice.
The group is in addition to the existing PMI Trustee Group, which is principally aimed at member-nominated and individual pension scheme trustees.
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