Pensions - Articles - TPRs revised guidance on fiduciary managers

 The Pensions Regulator (TPR) has revised its guidance on the tender process for fiduciary management services and trustees setting objectives for their investment consultants.

 Since December 2019, trustees have been legally required to run a competitive tender process when appointing fiduciary managers in relation to 20% or more of scheme assets.

 They have also been prohibited from receiving investment consultancy services without having set strategic objectives for their investment consultancy provider .

 From 1 October, TPR will take over monitoring compliance with these requirements from the Competition and Markets Authority (CMA).

 This follows regulations made last month by the Department for Work and Pensions.

 David Fairs, TPR’s Executive Director of Regulatory Policy, said: “Robust monitoring of a scheme’s financial advisers can influence the effectiveness of its investment outcomes and ensure it is following long-term plans. It also helps trustees ensure they are delivering value for money for savers.

 “Since trustees have been required to comply with these obligations and to self-certify their compliance to the CMA for two years, the introduction of these regulations should not place an additional burden on schemes.”