UK - THE Pensions Management Institute has launched a code of guidance for independent trustees in a bid to boost industry standards.
The PMI’s Independent Pension Trustee Group has been working with key industry figures for almost a year to address concerns of widespread mismanagement of scheme wind-ups.
The code of guidance – available at www.pensions-pmi.org.uk – was formally launched this week with the backing of the pensions regulator, OPRA, and the pensions ombudsman David Laverick.
The code – developed by seven working groups involving more than 30 individuals – is expected to form the basis of a more formal code of practice currently being developed by OPRA and the department for work and pensions.
Laverick said the code provided a “useful indication” of the standard of service which independent pension trustees should be providing.
He added: “I will certainly be taking account of the code when considering complaints. I hope, however, that the very fact of putting the provisions of the code into practice will make complaints less likely.”
IPTG chairman Tony Ashmore said it was essential the code was continually reviewed and “moved forward” to maintain the group’s current “high standards”.
Independent trustees agreeing to abide by the code can join the IPTG, and the PMI will then provide contact details to members of the public looking to appoint an independent trustee.
The code covers six key areas:
- Appointment procedures.- Dealing with co-trustees and third parties.- Investment.- Risk management.- Compliance.- Insolvency.
OPRA education and communication director April Alexander said the code was an “important initiative”.
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