Paul Myners reported in March 2001 on Institutional Investment and recommended that pension scheme trustees voluntarily adopt a series of principles and best practice for investment decision-making.
The Government has been reviewing the extent to which pension schemes have implemented Myners and published the results of its research in November 2003 and July 2004. It has today announced its proposals for strengthening the Myners principles, in particular with regard to trustees’ levels of expertise and decision-making processes.

Trustees are coming under ever increasing scrutiny, especially in light of the Myners’ review and the more difficult investment environment. Trustees must have a well thought out process to help them secure the keenest terms with their investment manager and to limit the risk of their investment decisions being challenged.

Money Purchase member communication presents a significant challenge to trustees and employers alike. Members need to have a broad spectrum of information to be able to participate effectively in the scheme. But trustees and employers must beware giving so much information that members cannot make their own decisions effectively and hold trustees liable. Here we consider how trustees, in particular, can get the balance right.