UK - The Treasury is considering measures beyond professional qualifications for lay trustees in a bid to boost their investment expertise Professional Pensions has learned.
The explanatory notes to the Pensions Bill state that the new regulator will issue a code of practice giving details of the “knowledge, training, experience or qualifications” required of lay trustees to carry out their role.
According to briefing notes sent by the Treasury to senior industry figures who attended yesterday’s talks on scheme compliance with principles set out in the Myners Report, this does not go far enough to boost trustees’ investment expertise. The meeting focused on trustees’ expertise and their relationships with investment consultants.
The heads of Watson Wyatt, Mercer Investment Consulting, Hewitt Bacon & Woodrow – as well as representatives of the BT Pension Scheme, the Universities Superannuation Scheme and the National Association of Pension Funds – are believed to all have attended.
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