Pensions - Articles - TPR again urges pension schemes to meet at least quarterly

Following TPR’s recent ‘Public Service Governance and Research Survey’ which reported that only half of schemes had four or more pension board meetings in the previous 12 months, Vassos Vassou, Senior Trustee Representative at Dalriada Trustees comments:

 TPR is right to advise that scheme governing bodies should meet on a quarterly basis, if not more often. Regular pension board meetings are the best way to ensure that schemes are run properly and avoid poor governance practices. Trustees who frequently attend board meetings are better placed to make timely decisions, while those who meet less are more likely to miss important opportunities. Schemes who host irregular meetings often find that they gradually let go of the reins which leads to schemes being run by their advisors instead. 

 “The constitution and membership of a board is also of utmost importance and TPR is wise to suggest that pension boards should strive to maintain to help ensure correct decisions are being made by trustees on behalf of their members. It can be difficult for schemes to source new, capable trustees at short notice. Member-nominated trustees can be particularly hard to come by, while employer-nominated trustees can sometimes find themselves under pressure not to ‘waste time’ on running the pension scheme. During these interim periods, when boards operate with fewer members than are required by scheme regulations, boards are in fact breaching the law, so they should be sure to recruit board members in advance of vacancies to ensure a smooth transition takes place.”

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