UK - The drive for greater transparency among schemes and fund managers is still shaping the pensions industry, delegates were told.
Mercer senior consultant Piers Bertlin rejected criticism that the Myners Report “had been overtaken by events” and still was relevant for trustees.
He told delegates: “The 2004 Pensions Bill reiterated Myners’ desire for greater trustee knowledge and understanding when taking investment decisions.
“This is problematic as it increases burdens on trustees and does not define ‘sufficient knowledge’ but is an understandable attempt to raise standards.”
Transaction costs – called into question by Myners – are now subject to a voluntary disclosure code, which requires managers to explain how costs are handled.
Bertlin acknowledged that Myners had been superseded on certain issues – including the Institutional Shareholders Code and activism – but argued Myners was the catalyst for best practice.
Royal London saw its new group pension business decline over the first half of 2018 as the rollout of auto-enrolment (AE) drew to a close, according to its interim results.
Now Pensions has made "huge progress" in resolving legacy administration issues - switching systems and completing unit adjustment for a "large proportion" of members, it says.
Trustees of the Airways Pension Scheme (APS) will not make a firm decision on whether to appeal the Court of Appeal's judgment on discretionary increase payments until September.
Accountant Hashmukh Shah has pleaded guilty to deliberately providing false information to The Pensions Regulator (TPR) when stating a pension scheme had been set up for staff of a London-based restaurant.