UK - Friends Provident has launched a new pensions guide on member-nominated trustees aimed at independent financial advisers.
The guide is primarily a checklist, which is designed to help pension scheme advisers guide employers and trustees through the procedures for member-nominated trustees and opt-out procedures.
Friends Provident head of pensions marketing Jeremy Ward said: “Advisers should find the specimen announcements, letters and ballot papers particularly helpful in dealing with the member-nominated trustee requirements.”
The Pensions Act 1995 introduced a legal right for occupational pension scheme members to select and nominate some of the trustees to run their pension scheme, unless they have not objected to an employer opt-out.
This year an interim set of regulations was released covering member-nominated trustees. This allowed firms to issue a renewed opt-out period of four years to existing trustees ahead of new regulation arising from the pensions Green Paper.
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