UK - A new group for independent trustees has vowed to raise industry standards and public confidence.
The Pensions Management Institute’s independent trustees steering committee’s inaugural meeting heard that it was time to move forward.
And steering group chairman Tony Ashmore said he was pleased with the enthusiasm shown. “We are moving forward in line with recommendations from the ombudsman and the Occupational Pensions Regulatory Authority.
“This is a professional body and as such we will make ourselves known to the government,” he said.
The 12 members of the steering group committee plan to produce a code of practice by March. Any independent trustee who signs up and pays a fee will be able to make use of a training and support network with seminars, newsletters and a website.
Ashmore added: “A recognised code of practice will make it easier for the ombudsman and OPRA to judge if independent trustees are abiding by the law and in turn boost confidence in the industry.”
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