26 November 2009

UK Pension Regulator to act on governance - keeping pensions safe is the ultimate goal

The regulator makes clear that trustees responsible for running pension schemes need to be sure that they have the right skills and get the right people to help them - as well as the right processes in place to manage scheme risks.

The regulator makes clear that trustees responsible for running pension schemes need to be sure that they have the right skills and that they get the right people to help them - as well as the right processes in place to manage scheme risks.

Executive director Bill Galvin added:

‘We seek to support trustees as they manage and monitor their scheme risks and the people they employ to help them.

‘There are over 60,000 occupational pension schemes in the UK, so this is important right now. With the introduction of auto-enrolment, millions more people and over one million employers will be brought into occupational pension saving for the first time. Good governance will be critical to ensuring the safe and proper management of people's savings’.

‘In partnership with our regulated community, our intention is to raise the standards of governance to secure robust foundations for reform.’

Over the next few months the campaign will renew the regulator's focus on governance and administration aiming to improve standards across the industry by:

·       providing updated guidance on internal controls;

·       publishing a revised scope and guidance for trustee knowledge and understanding;

·       publishing bite-sized e-learning for trustees on risk management;

·       consulting on new proposals for record keeping; and

·       updating existing guidance on winding up pension schemes.

Press release