Sign up to newsletter

What's New in GPT

Welcome to the latest updated version of The Guide for Pension Trustees – November 2017

The Guide for Pension Trustees aims to keep its readers up to date with changes in legislation and regulation, and with developments in practice, that affect pension trustees and others concerned in the management of pensions.

Since the last update we have been undertaking some general updating and tidying, including a review of the model documents. This is still work in progress, but you will see that, for example, the model Trustees’ Conflicts of Interest Policy document has been simplified.

New items covered in The Guide

Once again it has been a relatively quiet period for changes, with some policy announcements being made, but details yet to emerge. If recent trends are followed, the autumn Budget on 22 November may see some more radical changes announced.

There have been a few developments of note, which affect matters covered by The Guide and which have been incorporated.

Twenty-First Century trustees

The Pensions Regulator has embarked upon the next formal stage of its Twenty-First Century Trustee campaign. A key element of the campaign is to help trustees better understand what is required of them, through practical examples. There is now a separate section on the Regulator’s website for this. [See Section 24, Introduction]

Changing administrators

The Pension Administration Standards Association (PASA) has announced the introduction of a mediation service from January 2018 to help resolve issues that arise when changing an administration provider. [See 8.1.7]

Assessing value for DC funds

In a further development to assist trustees of Defined Contribution schemes help their members to assess value in their funds, new regulations will apply to investment managers from 3 January 2018 concerning disclosure of transactions and administration costs. [See 1.11.31]

Information to DB members wishing to transfer

Trustees have specific duties to members when in receipt of a request to transfer benefits from a Defined Benefit scheme. These include a requirement to notify a member of the consequences of giving up the guarantee provided by a DB benefit. [See 17.4.1(Note)]

Money Laundering Regulations 2017

The significant new requirements introduced by new money laundering regulations were highlighted in the last update, but further details and clarification have now emerged. For pension scheme trustees the additional duties will hopefully not be too onerous, but nevertheless compliance will be essential. [See 10.5.13].

Identification of professional trustees

The Pensions Regulator expects higher standards to be demonstrated by professional trustees. To help a trustee identify whether they are considered by The Regulator to be a professional, a new policy document sets out a comprehensive definition. [See 4.6.8]


Amending schemes

The description in The Guide of the legislative restrictions on making amendments to schemes has been expanded, to make it more comprehensive. [See 2.5.4(xvii) and 5.4.8]

I hope you find the updates useful.

Kevin LeGrand

If you have any questions about this Update, please contact the Helpdesk on 0800 980 1332, or email GPT-Online@pendragon.co.uk.







Terms & Conditions    |    Resources    |    Abbreviations    |    Careers in Wilmington    |    Top   

© Copyright and Database Rights Pendragon 2017, all rights reserved