The regulator is required by law to compile and maintain a register of independent trustees that satisfy certain conditions and this register is used by the regulator to appoint independent trustees to schemes. These appointments are usually made to ensure that the scheme is properly administered and the members' benefits protected when the employer is insolvent.
After four years of operating the register, the regulator is proposing a number of changes to the criteria it uses to assess whether applicants have sufficient relevant experience, sound administrative and accounting procedures, and adequate indemnity insurance cover. Whilst technical in nature, the proposed changes are designed to improve standards across the trustees on the register.
Executive director of strategic development Bill Galvin said:
"While some of the assessment criteria for the register of independent trustees remain unchanged, there are areas where they are being strengthened.
"We believe that the proposed changes are justified in respect of having additional safeguards in place to ensure that members' benefits are protected in the long term."
The consultation document can be viewed on the regulator's website. Responses to the 12 week consultation should be submitted by 12 March 2010.
To view the press release:
http://www.thepensionsregulator.gov.uk/mediaCentre/pressReleases/PN09-21.aspx
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The Pensions Regulator
amediarelations@thepensionsregulator.gov.uk
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