UK - Scheme wind-up mismanagement will be an immediate priority for the newly-formed Independent Pension Trustee Group.
The group – set up by the Pensions Management Institute – held its inaugural meeting which was attended by 40 representatives from more than 20 companies.
Other topics raised at the meeting – chaired by independent trustee Tony Ashmore (pictured) – included accountancy concerns during solvent company scheme wind-ups, buyout annuities and guaranteed minimum pensions.
The group also discussed transition management.
Ashmore said he was pleased with the take-up for the session and the range of experience of trustees which represented large corporates through to individuals.
He said: “Our aim is to choose issues which are particularly relevant and future subject matter will be decided by interaction with trustees.
“Speakers will be chosen accordingly and we are now looking forward to the next seminar.”
Bishop & Sewell trust lawyer Gina Fairfax told PP the meeting had been “enlightening” and the IPTG had widespread industry backing.
She said: “The group is off to a great start – my only concern is whether it is widely enough known about. Do people in the huge pension areas in the North and West know where to find an independent trustee?”
The IPTG steering committee is also writing a self-regulating code of practice, which it expects to publish in March.
The group hopes an established code of practice will enable the pensions ombudsman and Occupational Pensions Regulatory Authority to regulate independent trustees more effectively.
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