UK- The Treasury and the Department for Work and Pensions have published consultation documents outlining the government’s proposed action regarding shareholder activism, compulsory custodians and the financial education of trustees.
Last October the government responded to Paul Myners’ report and said it would seek further consultation on the three issues.
More specifically that there should be a legal requirement that trustees are up to speed on investment issues, that funds have independent custodians and that pension funds encourage shareholder activism.
The DWP also says the proposals will consider the findings of both former NAPF chairman Alan Pickering in his report into the simplification of pensions and of Ron Sandler in his review of medium and long term retail savings.
Says pensions minister Ian McCartney: “the government is seeking views from those who have practical experience with the wide range of pensions issues, and will await comments with interest.”
Consultation papers are available on www.dwp.gov.uk or on www.hm-treasury.gov.uk and the deadline for responses is May 3rd.