UK - More than half of pension scheme trustees in the UK think they should be paid for their role.
Research by Pension Corporation revealed 55% of occupational scheme trustees believe they should be paid because of the ever-increasing expertise they are now required to have about pensions.
The survey had 243 respondents - 142 lay trustees and 101 were consultants, pension managers or independent trustees. Nearly two-thirds (64%) represented defined benefit schemes with at least £100m (US$154.6m) in assets under management.
Other than the need for increasing expertise, 17% said they should be paid due to the significant level of responsibility, while 14% said it was because of the amount of unrecognised time spent.
Pension Corporation head of origination David Collinson said: "Trustees have undoubtedly had an increasing series of responsibilities placed on them over the past few years, not least the obligation to understand all the de-risking options open to them.
"It is also vital for them to understand how these options might work, a significant additional area of complexity."
Pension Corporation pointed out the full version of the The Pensions Regulator's trustee knowledge and understanding guidance document lists 13 distinct areas of knowledge and 94 specific knowledge requirements.
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