UK company pension schemesGreater powers to appoint trusteesThe government wants greater powers to appoint trustees to the boards of UK company pension schemes. A recent amendment to the Pensions Bill will expand the powers of the Pensions Regulator to appoint its own trustees. The government says the change is vital to protect the interests of scheme members in response to the increasing number of pension funds being sold by employers that are often keen to save on administration costs. The amendment will lower the legal test that the regulator has to pass before appointing a trustee. The Pensions Regulator says it has nearly 60 qualified trustees on its books with “a wide range of skills and experience” to more than enough to cover the sector |
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