UK - The government has formally extended the current six-year opt-out period for member-nominated trustees to nine years.
The Department for Work and Pensions said the amendment was a “sensible” interim measure ahead of the impending green paper on pensions reform.
The measure means schemes can continue to use their existing arrangements for selecting trustees.
A replacement for current provisions on member nominated trustees will now be outlined in the green paper. The government’s original proposals on selecting trustees were outlined in the Child Support, Pensions and Social Security Act of 2000.
Pensions minister Ian McCartney said: “It makes sense to allow pension schemes to continue with their existing arrangements while this comprehensive review is underway.”
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