UK trustees get new code of practice
UK - A new, independently-produced code of practice published today for pension scheme trustees helps to spell out in detail their responsibilities. The code comes in the build up to Paul Myners announcing new recommendations on the future role of trustees.
Martin Clarke, general marketing manager of the Co-operative Insurance Society who sponsored the launch, said the code “helps to ensure that trustees are familiar with all the issues concerned without the need for further regulation”.
Speaking at the launch, Ian McCartney, minister of state for work and pensions said, “it provides an excellent overall picture of what being a trustee means. It doesn’t try to answer all the questions, but it does tell trustees what questions to ask, and where to find the answers”.
The Government says it is committed to ensuring trustees have the skills and knowledge needed to fulfil their role effectively, particularly given the increasing burdens, including the threat of legal action, placed on them.
The responses received from the industry by the Trustee Code of Practice group had been highly positive and encouraging, said its founding chairman Brian Holden, who is also a trustee of the Co-operative Insurance Society employees’ pension scheme.