UK - Introducing legislation on the back of the second research report on Myners would be "sheer bloody mindedness" by the government, SEI Investments claims.
It said the research into how trustees had implemented the principles should under no circumstances lead to greater regulation.
The department for work and pensions’ report – The Myners Principles and Occupational Pension Schemes – shows that only 18% of schemes reported not considering, or deciding not to take any action on the principles.
SEI institutional strategy director Andrew Slater said there was no need for legislation: “It is clear from the report that the voluntary approach is not failing, and for the government to conclude legislation is necessary, with all its resulting unintended consequences, will be nothing more than sheer bloody mindedness.
“The Myners principles, though constructed with good intention, are not the be-all and end-all of how to manage a pension plan. Their adoption is not the most pressing current concern in pensions and full compliance will not solve the pensions crisis.”
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