UK - The NAPF is setting up a special forum for its money purchase scheme members after admitting they had been neglected in the past.
The move – part of a series of initiatives aimed at strengthening the association – was unveiled by incoming chairman Terry Faulkner at its annual conference in Glasgow.
Faulkner said: “I intend to set up a DC forum to understand more clearly what is lacking from the centre and from representation and to fix it.”Other measures include:
- Reviewing the small schemes liaison forum, looking to enhance feedback to other small schemes members.
- Consulting with membership over fees and voting to make sure that governance and subscription are still appropriate.
- Reviewing membership categories with a view to restating the boundaries between small, medium and large. A new “mega section” might be introduced and new membership classes – “perhaps for trustees and other non-commercial members” – considered.
But Faulkner stopped short of announcing a complete overhaul of the NAPF.
“Some wrongly view the NAPF as large scheme, DB-dominated, and consultant-led with block votes protecting these vested interests. Nothing could be further from the truth.
“But let me be clear: DB will not be dead in my lifetime, even if everyone’s future accrual is under a DC framework.
“We have a role to look after past accrual as well as future accrual and that means encompassing a broad church.”
He said the NAPF had 1000 member pension funds and 450 business members and a number of others which gave it “a real strength”.
And Faulkner pledged to continue lobbying the government over reform.
“Never has the National Association of Pension Funds been needed more than now.
“We stand ready to consult with influence, praise and criticise government, either privately, behind the scenes, or indeed publicly, because we have the will and the support to fulfil our aims.”
PP has compiled a list of what to watch out for over the coming months.
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