25 October 2018 – Transfers, Tendering and Trustees
We may all be over our GDPR hangovers, but other issues continue to cause us to rethink and update our risk registers. The recent Pensions Ombudsman’s decision in respect of the Northumbria Police Authority is just the latest in a number of developments reminding Trustees of the importance of keeping up to date with matters affecting the operation of their pension schemes. On the question of transfers, Angela Sharma (Taylor Wessing) will look at the possible impact of the Northumbria decision and what it might mean for Trustee Boards and risk management.
Meanwhile the Competition and Markets Authority have published their initial findings on the investment consulting market. They have focused more heavily on the risks inherent in the lack of a competitive tender process in the fiduciary markets, but there is also a proposed requirement for Trustees to set objectives when they hire an investment consultant in order to be able to judge quality of the service.