UK - The Myners review - which celebrated its fist anniversary this week - has brought greater trustee professionalism and improved scheme decision-making, according to industry experts.
But concerns still persist over possible legislation which would enforce the recommendations.
The NAPF has highlighted the positive effects of the report, particularly regarding trustee education.
NAPF chairman Peter Thompson said: “Trustees do not move hugely fast, but they are taking notice of the review.”
Thompson added that the review was encouraging trustees to ask questions when they did not understand, when previously they would not have spoken up.
Pensions Management Institute (PMI) president Ian Eggleden reported that the numbers taking the PMI trustee training certificate had risen 25% in the last year – a link with the review which he believed “was too much of a coincidence”.
He added: “There are a huge number of Myners courses available now to help trustees and employers understand the issues. There is a lot of good work going on. What I hope will not happen is for the government to legislate.”
Bacon & Woodrow head of global investments Nick Fitzpatrick also saw progress being made by schemes.
He said that every one of his clients had studied the Myners review. Many trustees were now looking at their decision-making process and identifying how crucial investment strategy is to the running of their business.
But concerns remain with the implications of the review, particularly among small schemes.
Eggleden said that in proposing possible legislation on the Myners review the Treasury would not take into account smaller schemes which would find it difficult if not impossible to implement all of the proposals.
But Thompson said: “It has been clear all the way through that the review is not appropriate for smaller schemes to comply with, but nevertheless that is no reason why they should not look at them and ask whether they should the Myners principal apply.”
Sacker & Partners partner Ian Pittaway defended small schemes and said: “Pension schemes are under great pressure at the moment and there needs to be a compelling case for any further regulation. “Myners does not demonstrate that case.
“I would shelve the proposals for the time being; they are desirable but far from necessary.
By David Rowley
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