UK - An Association of Member Nominated Trustees and Directors is set to be launched this year in response to growing demand within the industry.
Initially spearheaded by Pitmans Trustees, an independent trustee firm, the association will aim to offer member nominated trustees and directors a hub of information to develop their skills and knowledge.
It will also serve as a lobbying platform independent from members' day jobs.
Pitmans Trustees managing director Richard Butcher (pictured) said the firm would host a founding committee lunch in September to discuss how such an organisation would operate.
A number of as yet unnamed delegates have already put their names forward, although Pitmans remain eager to attract wider interest.
Butcher added: "Member nominated trustees and directors are legally no different from other trustees but they do face some unique challenges as a result of their being nominated by other beneficiaries and by their limited, typically three to six years, term of office.
"Over the last six months a number of member nominated trustees and directors have told us that they would really appreciate a forum for discussing these challenges. Somewhere they can share experience and ideas."
He stressed that Pitmans were merely looking to facilitate the launch. Once up and running the association will be run solely by its members, he added.
If you would like to be involved in an Association of Member Nominated Trustees and Directors email: [email protected]
The aims of the proposed association, in full, are:
1. To create a website that will act as a communications hub and resource portal for member nominated trustees and directors
2. To provide free access to online technical information and guidance that has been especially selected or produced to be of particular value and relevance to members
3. To provide members with specific training and guidance at regional meetings
4. To make members aware of the generic personal risks of being a member nominated trustee or director and to highlight strategies to mitigate those risks
5. To capture best practice amongst member nominated trustees and directors and share it amongst the community
6. To act as a useful resource to sponsoring employer's who will be able to use the online presence of the association to promote vacancies to their members with a view to filling stubborn vacancies
7. To act as a conduit through which members can voice opinions and lobby for support on issues that specifically affect them, with, for example, The Pensions Regulator and other trustee organisations
8. To provide a sociable and supportive environment in which member nominated trustees and directors can connect with like-minded individuals and get ideas and second opinions on how to overcome challenges they face
9. To help protect members from the potential conflicts of interest and pressures they may face as they perform their duties
The top stories this week were the High Court's decision to block the £12bn annuity transfer from Prudential to Rothesay Life, and a separate court ruling that 'raises the bar' for pension rectification exercises.
Guaranteed minimum pension (GMP) equalisation has soared to the top of pension schemes' to-do lists, with 58% stating it is a priority project, research from Equiniti has revealed.
Professional Pensions is holding its defined contribution (DC) conference on 4 September.