UK - Aon Consulting has issued a compliance checklist for pension fund trustees following the Myners' review of institutional investment.
In its guide, ‘The Myners Review of Institutional Investment Checklist for Pension Fund Trustees’, Aon summarises Myners’ principles on investment; explains the steps pension fund trustees of both defined benefit and money purchase schemes will need to take; and sets out a compliance checklist along with recommendations.
The government has stated that it wants the UK institutional pension fund industry to adopt the revised Myners principles as a voluntary code of conduct. In March 2003, it will assess the extent to which the principles have been adopted, with a view to introducing legislation if the take-up is poor.
Aon Consulting’s head of investment, Adrian Swales, said: Aon’s view is that pension funds should produce a statement of compliance with the Myners principles as an appendix to the statement of investment principles.
“This statement of compliance should then be sent to members with their annual benefit statement.
Aon added that larger schemes will want to be seen to comply fully with most of the principles, but medium and smaller plans may decide not to comply with certain principles where the cost to the scheme outweighed any benefits. By Madhu Kalia
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