Pensions Regulator Retreats From Trust Governance Plan
Law360, London (February 10, 2020, 11:30 AM GMT) -- The Pensions Regulator has rowed back on proposed mandatory standards on governance for smaller workplace pension plans, saying on that Monday it will not take a “blanket approach" to supervision.
The watchdog proposed, in a consultation in July, making it a requirement for all pension plans to have a professional trustee sitting on their boards. The regulator said on Monday that after hearing feedback from the industry it will not yet make that move.
TPR launched the consultation amid concerns over the management of smaller workplace pension schemes. The watchdog said it estimates that just 1% of smaller workplace arrangements meet all required governance standards.
The regulator said in its consultation...
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