ITS supports OPAS call for trustee regulation
UK – Independent Trustee Services Ltd (ITS) has welcomed the call by the Occupational Pensions Advisory Service (OPAS) that some form of regulation should be introduced for pension fund trustees and the process surrounding the winding up of schemes within insolvent companies.
According to OPAS, scheme funds are very often found to be deficient when insolvent companies wind up their schemes and this can lead to distress and insecurity for scheme members over their retirement provision.
It claims part of the problem could be solved if trustees received formal training and education in this respect and if a regulatory structure were introduced to ensure this happens.
Says Terry Monk, a director at the ITS: “Part of the job of an independent trustee is to oversee the winding up of schemes, ensuring in the process that maximum value for all members is secured within the current legislative framework.”