UK pensions institute sets up trustee group
UK – The Pensions Management Institute (PMI) has launched a new Independent Trustees Group in order to improve procedures for opening and closing pension schemes.
The group is open to those who carry out the role of independent trustee for pension schemes, and will work together with regulators in order to establish “improved and quicker procedures for running and winding up pension schemes.” Training, networks and support will be offered by the group.
“It’s about raising standards,” says Tony Ashmore, PMI council member. “There is presently no body in place for independent trustees where they can receive training. The view is to provide a better service for pension scheme members.”
The first step will be to prepare a Code of Practice, drawn up by the group’s members for its members. This will be discussed at the inaugural meeting on September 29 in London where working parties will also be established. Those interested in attending should email firstname.lastname@example.org.
The National Association of Pension Funds has welcomed the creation of an independent trustees group. Said a spokesman for the association: “We support any action that will supply better service to pension scheme members.”