Watchdog Cracks Down On Trustees' Pension Governance
Law360, London (June 11, 2019, 12:21 PM BST) -- Britain’s pensions regulator said Tuesday that it is investigating hundreds of pension trustees to ensure they are properly governing the default retirement funds in which employers automatically enroll their workforce.
The Pensions Regulator said that it is looking at whether trustees of defined contribution schemes are regularly reviewing the performance of the fund they have chosen to provide their company’s retirement fund. Trustees must review a pension scheme’s default strategy and its performance every three years, the watchdog said, adding it wants to "wake up" those that are not doing enough.
Ninety-five percent of employees who are automatically enrolled into pensions...
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