Matthew Giles looks at how the new standards and accreditation framework will impact professional trustees
The launch of the professional trustee accreditation process, set up by the Professional Trustee Standards Working Group (PTSWG), has been delayed until "later this year".
Pensions Buzz peers agreed with pensions and financial inclusion minister Guy Opperman and former shadow chancellor Ed Balls that now might be the time for a fresh commission.
The Pensions Regulator (TPR) has launched a consultation on scheme governance and trusteeship, urging "badly-run schemes" to improve or consolidate.
This week's top stories included an accountant admitting fraud and making employer-related investments in the latest criminal prosecution pursued by The Pensions Regulator.
Professional trustees will be expected to apply for accreditation in the near future as a regulator-backed working group has published a set of seven standards against which they will need to demonstrate compliance.
There will be no transitional 'comply or explain' period for professional trustees to prepare for mandatory standards when they come into force later this year, a regulator-backed working group has announced.
Responses to the Professional Trustee Standards Working Group's consultation have flooded in. While the industry mostly welcomes the proposals, there is disagreement on some areas, writes Kim Kaveh.
Proposed standards for professional trustees due to come into force next year will be "too easy to game" and "a silly compliance exercise" if they are not accompanied by tangible metrics, Richard Butcher has warned.
Professional trustees will need to comply with six areas of standards from April or May next year under plans to bolster pension scheme governance.