The Pensions and Lifetime Savings Association (PLSA) has launched a year-long review of its internal governance procedures, it announced today.
The move, which comes a year after the association rebranded from the National Association of Pension Funds (NAPF), aims to improve its work for members and stakeholders, and ensure it operates effectively.
Speaking at the PLSA's annual conference in Liverpool on 19 October, chairwoman Lesley Williams (pictured) said the association needs to be able to "reinvent" itself.
She said: "We have to make sure we talk the talk of 21st century governance. At our last annual conference, we announced that we were reinventing the association. We have made great process but there is more to do.
"In a world that changes as quickly as ours, we want to make sure we can reinvent ourselves when we need to. Not just when it comes to conference programmes, publications, and policy work, but in the fabric of the association.
"That's why the PLSA is undertaking a comprehensive review of its own governance to make sure we have the right structure to deliver our strategy and purpose, the right people within that structure, and the right selection processes for those people.
"And if we don't have them, we have to reinvent the way we do things."
The review is expected to run until October next year, with the association's board consulting members on proposed changes in the new year.
Independent non-executive director John Dembitz added engaging members in the review would lead to better retirement outcomes.
He said: "A year after the launch of the PLSA, it's the right time to look at how our structure can best support our mission to help everyone achieve a better income in retirement and how we can best represent our members.
"I am delighted to bring my experience outside of pensions to support Lesley and the board with the review. This is a hugely important project and a great opportunity to engage members in the way their association works and to establish governance fit for purpose now and years ahead."
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