UK - Pension schemes have been given a further three-year opt-out of member-nominated trustee legislation.
Schemes had originally been given a six-year opt-out but this is now coming to an end.
Nabarro Nathanson partner Kate Richards said: “Without the extension, it would have been a complicated year for many schemes.
“First of all they would have to timetable trustee elections and renew their opt-out, so they would have to go to members twice, which would be both expensive and complicated.”
Richards speculated that the government was delaying as it did not want the embarrassment of the Alan Pickering simplification review rubbishing the legislation soon after it was brought in.
A Department For Work and Pensions spokesman would only admit that it was “more prudent” to wait until the Pickering review was complete.
But Richards warned schemes which are currently opting out that the government still had the objective of putting MNTs on to all trustee boards.But the necessity for such legislation was questioned by consultants William M Mercer.
Worldwide partner Paul Greenwood said: The now-postponed proposals to change existing trustee selection arrangements prescribe too much detail, and would have thrown into disarray arrangements that work perfectly satisfactorily.
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