Pension Trustees Must Seek Best Deal Under New CMA Rules
Law360, London (June 10, 2019, 1:16 PM BST) -- Pension trustees must now shop around and run tenders when choosing consultants to manage the £1.6 trillion ($2 trillion) of retirement assets they hold, Britain’s antitrust watchdog said Monday, in the final stage of a shake-up of competition in the retirement advice sector.
Rules drawn up by the Competition and Markets Authority for pension trustees — who oversee company pension schemes — requiring them to ensure they are getting the best deal for their customers have come into force. The watchdog will require trustees to hold competitive tenders with at least three investment consultants or fiduciary managers if they want to...
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