UK - The National Association of Pension Funds (NAPF) has called on the industry to replace the current ten Myners Principles with six high level principles.
Based on a year long consultation with the pensions industry, the NAPF found overall standards of UK pension trusteeship had continued to improve, albeit more in some areas than others.
Its review found trusteeship had become more complex since 2001, due mainly to increased regulation and the current harsh financial environment.
The six high level principles include measures to ensure decisions are taken only by those with “sufficient expertise” and are set against clearly defined objectives with a true appreciation of the inherent risks of investing.
The principles also call for trustees to formally assess the performance of the fund and their own actions and to act in a transparent manner.
Jaonne Segars, chief executive NAPF, said: “The pensions world has moved on significantly since the [Myners] Principles were first drawn up six years ago. The review has shown that against a tough background for trustees, great strides have been made in governance.”
“Only a few areas need further attention, and our recommendations for change are directed at addressing these issues.”
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