UK - More than 100 independent trustees are now backing the Pensions Management Institute's drive to raise industry standards.
The PMI’s independent trustee group – set up at the beginning of August to address concerns of widespread mismanagement of scheme wind-ups – has now topped the 100 mark.
The steering committee, under the chairmanship of Tony Ashmore, has been split into seven groups to put together a self-regulating code of guidance.
The Occupational Pensions Regulatory Authority is backing the drive with two senior staff working with the PMI.
Each group is manned by more than 30 members – offering a wide experience of “independent trusteeship” – and are on schedule to publish draft codes this month.
Subject matter for the groups includes attributes of independent trustees, procedure on appointment, investments, compliance, risk management, insolvency, and fees – ongoing and winding up.
The PMI hopes the new codes will be seen by OPRA as the basis for more formal codes of conduct. It also expects the pensions ombudsman and the pensions advisory service OPAS to use the codes as a measure with which to test independent trustees.
The Association of Corporate Trustees will also be developing a similar code and will hold talks with the PMI to avoid duplication of effort.
The steering committee is required to resign on completion of its work. It will be replaced by a committee elected by PMI members, for which the process has just begun with a call for nominations.
Membership comprises individuals undertaking independent pension trusteeship – either working on their own or in trustee departments of law firms and corporate trustee companies.
Further information is available from Joanne Collins on 020 7392 7406 or www.pensions-pmi.org.uk.
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