UK - The Pensions Regulator's code of practice on member-nominated trustees has been laid before Parliament.
“The code provides pension scheme trustees with practical advice and principles on how to comply with legislation on member-nominated trustees and member-nominated directors,” the regulator said.
“Trustees are required to ensure that arrangements are in place, and implemented, for at least one third of trustees to be member-nominated; or at least one third of directors of the trustee company to be member-nominated.
“The arrangements must include a nomination process, a selection process and other statutory requirements.”
The code will not come into force until it has been laid before Parliament for 40 sitting days.
Under the Pensions Act 2004, trustees are required to ensure that arrangements are in place, and implemented, for at least one third of trustees to be member-nominated.
The regulator points out that codes of practice are not statements of the law. “However, they do have evidential value, meaning they will be taken into account by a court or tribunal where relevant.”
Elsewhere, trustee firm BESTrustees has appointed former Law Debenture professional trustee Bruce McNess.
“Having originally recruited Bruce as a fund manager in 1979, I am delighted to be working with him again,” said BESTrustees’ chairman Charles Woodward.
“His unique experience as a trustee will be of great benefit to BESTrustees and to our growing client list.”