Back editions

Renewed Pensions Regulator focus on pensions scheme governance: Part II

21 December 2009  
 

TPR has published the report on its 2009 scheme governance survey. TPR’s fourth annual governance survey was conducted by interviewing nearly 800 trustees of defined benefit, defined contribution and hybrid schemes. The objectives of the survey are to monitor standards of scheme governance and to help TPR determine the most effective ways of helping trustees to improve scheme governance.

In this edition of Governance Matters we comment on key results from TPR’s 2009 scheme governance survey. View Part I below for our comment on TPR’s plans for its governance campaign, which it launched alongside the survey report.

 Read more

Renewed Pensions Regulator focus on pensions scheme governance: Part I

2 December 2009  
 

TPR has launched a campaign to improve pension scheme governance alongside the publication of the report on its 2009 scheme governance survey. Directed at the trustees of both defined benefit and defined contribution schemes, the campaign will target areas where TPR perceives that governance gaps persist, based on the results of its survey. The campaign activity planned by TPR appears to consist largely of updating existing guidance and working with the industry to ensure that expected standards are delivered.

In this edition of Governance Matters we comment on the areas to be covered by TPR’s campaign. In a forthcoming edition we will consider TPR’s governance survey report.

 Read more

Moving the Goalposts: Changes to the "TKU" Code of Practice

16 October 2009  
 

The Pensions Act 2004 introduced the requirement for pension fund trustees to have appropriate knowledge and understanding of the law relating to pensions and trusts, the principles relating to the funding of occupational pension schemes, and the investment of the assets of such schemes. The Pensions Regulator is now preparing to issue its first review of the Trustee Knowledge and Understanding (TKU) Code of Practice.

In this edition of Governance Matters we look at the main changes to the TKU Code of Practice and comment on the implications for trustees.

 Read more

Trustee and Sponsors: Effective negotiations in challenging times

15 July 2009

Funding positions have deteriorated dramatically while the strength of sponsoring employers has in many cases also worsened. At the same time modern conflict protocols have resulted in trusstees and employers achieving a greater distance from each other which, while necessary, can lead to a lack of communication and mutual understanding.

In this edition of Governance Matters we look at how working relationships between both parties can be maintained in this environment and what trustees and employers should expect of one another.

 Read more

Difficult times: is your trustee board rising to the challenge?

11 June 2009  
 
As the initial sense of being in suddenly challenging economic times is replaced by a deepening awareness of the longer term impact of the difficult conditions, Robin Bew, Editorial Director of the Economic Intelligence Unit, expressed the view at Mercer's 2009 Senior Leaders' Conference that there would be no meaningful recovery until 2010-11.  

In this Governance Matters Special, we comment on some of these challenges and what trustee boards can do to respond to them.

 Read more

Governance arrangements for defined contribution schemes

12 March 2009

In 2005 the NAPF referred to the “governance vacuum” in reference to contract-based defined contribution (“DC”) schemes. In an OECD working paper published in June 2008 the gap remains a concern in relation to the challenges of DC governance in general.
 
In this edition of governance matters we consider the nature of the DC governance gap and possible solutions.

 Read more

Effective member communications

30 January 2009

With the shift in emphasis from defined benefit (DB) to defined contribution (DC) showing little sign of abating, encouraging member understanding is a critical challenge facing most Trustee Boards. 

Key to this is ensuring that scheme communications are effective and enable members to understand their benefit entitlements and options, and make informed decisions.  

 Read more 

Pensions regulator launches consultation on updated trustee knowledge framework

23 October 2008

The Pensions Regulator has launched a consultation process on draft revisions to the Code of Practice, and updates to the Scope Guidance relating to the Trustee Knowledge and Understanding (TKU) regime, originally introduced by the Pensions Act 2004.

 Read more

Regulator publishes final guidance on trustee conflicts of interest

14 October 2008

On 1 October, the Pension Regulator published its guidance relating to conflicts of interest, stating them to be a “serious concern”. The guidance, called Conflicts of Interest,  aims to provide support to trustees in managing both their own and their advisors’ conflicts, although makes the point that it is not intended as a substitute for taking legal advice.

 Read more

The Pensions Regulator addresses record keeping

05 September 2008

In this edition of Governance Matters, we set out the background to the publication of the Pensions Regulator’s (“TPR’s”) consultation document on pension scheme record keeping and consider the framework proposed.

 Read more

TPR publishes the results of its third annual governance survey

14 July 2008

The Pensions Regulator (TPR) has published the results of its third annual occupational pension scheme governance survey, which aims to monitor standards of governance and to highlight areas for specific attention.

 Read more

The Ombudsman’s view on unfairness in Trustee decision-making  

28 July 2008

In a determination issued in May 2008 following a complaint by Mr Hobbs, a retired member of the Lec Refrigeration Scheme, the Pensions Ombudsman has held that the Trustees are under no duty to correct any perceived unfairness as a result of decisions they had made and he is not able to intervene provided that the decision-making process has been correctly carried out.

 Read more  

TPR publishes voluntary guidance to trustees on managing adviser relationships

9 April 2008

The Pensions Regulator (TPR) has continued its provision of promised voluntary guidance on good pension scheme governance practices by publishing Relations with advisers; its aim is to help trustees make the best use of their advisers. The central recommendation is that trustees aspire to  achieve a relationship with their advisers of mutual trust, open and honest dialogue and productive communication.

 Read more

Why the Pensions Regulator appointed independent trustees to Telent

9 June 2008

In October 2007, the Pensions Regulator (TPR) took the unprecedented step of appointing, without consultation, three independent trustees to the Trustee Board of the Telent Pension Scheme. This followed a request from the then trustees because they were concerned that any trustees appointed by the new owners of Telent would be too conflicted to serve in the best interests of the members of the scheme.

 Read more

How the pensions regulator will promote better governance

5 November 2007

The Pensions Regulator (TPR) outlined its approach to pension scheme governance in its recently published paper, How the Regulator Will Promote Better Governance of Work-Based Pension Schemes (October 2007). TPR developed its approach by soliciting comments from the industry and by undertaking a survey.

 Read more 

TPR's first step toward issuing Financial Support Direction

5 July 2007

The Pensions Regulator (TPR) published determination notices indicating its intention to issue a Financial Support Direction against Sea Containers Limited, the parent company of Sea Containers Services Limited, the UK registered principal employer of two Sea Containers pension schemes, the "1983 Scheme" and the "1990 Scheme".

 Read more

Defined contribution scheme risks – Are you in control?

15 June 2007

The Pensions Regulator ("TPR") has now published the responses to its consultation paper "How the Pensions Regulator will regulate defined contribution schemes in relation to risks to members".

 Read more 

Pensions regulator urges trustees to consider taking a tougher stance

May 2007

Pensions Regulator urges trustees to consider taking a tougher stance in corporate transactions where there is a significant weakening of employer covenant.

 Read more  

Trustees can take control of trustee board constitution

April 2007

Under new Member Nominated Trustee / Director [MNT(D)] regulations, it is the trustees who are responsible for designing and implementing nomination and selection procedures.  In this issue of Governance MattersTM we summarise the requirements and offer some suggestions for designing and implementing arrangements to meet the requirements.

 Read more

TPR’s preliminary guidance on abandonment of defined benefit pension schemes

January 2007

The Pensions Regulator (TPR) published a discussion paper and draft guidance on the Abandonment of defined benefit pension schemes to help trustees understand, identify, and respond to scheme sponsor proposals that may result in the sponsor’s "abandonment" of the scheme. 

 Read more

Issued in the United Kingdom by Mercer Limited which is authorised and regulated by the Financial Services Authority. Registered in England No. 984275. Registered Office: 1 Tower Place West, Tower Place, London, EC3R 5BU.