Is professionalism the answer to the governance dilemma?
The quality of trusteeship and pension fund governance has improved considerably over the past decade, but many schemes remain poorly governed; this was the view of the Work and Pensions Committee earlier this year.
Having ploughed through hours of evidence in the spring of 2016 following the collapse of retailer BHS, which created the inevitable instability for the company DB scheme, the committee published a report into DB pensions in December last year.
Eleanor Daplyn, partner at law firm Sackers, says: “Having professionals involved as trustees can definitely make running a pension scheme easier; a client with a certain level of technical knowledge themselves may not ask to be walked through issues in the same way as a lay trustee, and they can sometimes assimilate complex issues and reach a decision more nimbly and efficiently.”
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