The Pensions and Lifetime Savings Association has issued its response to The Pension Regulator’s consultation on the 21st Century Trusteeship and Governance.
Luke Hildyard, Policy Lead: Stewardship and Corporate Governance, Pensions and Lifetime Savings Association, said:
“In undertaking the programme of work on the 21st Century Trustee, The Pensions Regulator (TPR) has helped to advance the critical debate around the quality of pension fund governance. TPR’s quantitative research on the trustee landscape has highlighted the need for better standards, support and scrutiny of trustees.
“Our response to the consultation is largely supportive of the proposals suggested. However, we do not believe that these relatively subtle changes alone are sufficient to achieve a governance structure that will achieve the best possible value for scheme members over the long-term.
“Against a backdrop of significant challenges for pension schemes, from an increase in the number of stakeholders brought into pension savings through auto-enrolment, to deficits in the defined benefits pensions, there is a need for radical measures in terms of the scale, standards and accountability of governance structures.
“Governance should be the number one priority. Having the right people in the right environment equipped with the right resources and incentives gives schemes the best possible chance of achieving the best results for savers. Poor quality governance drastically reduces schemes’ ability to deliver these results.
“The Pensions and Lifetime Savings Association has a long track record of research and analysis on these issues and will be returning to the theme with our own discussion paper on ideas for bolder governance reforms, to be published shortly.”
The response can be found online here.
The PLSA will issue their discussion paper later this month.
NOTES TO EDITORS:
PENSIONS AND LIFETIME SAVINGS ASSOCIATION
We’re the Pensions and Lifetime Savings Association, the national association with a ninety-year history of helping pension professionals run better pension schemes. With the support of over 1,300 pension schemes and over 400 supporting businesses, we are the voice for pensions and lifetime savings in Westminster, Whitehall and Brussels.
Our purpose is simple: to help everyone to achieve a better income in retirement. We work to get more money into retirement savings, to get more value out of those savings and to build the confidence and understanding of savers.
Lucy Grubb, Head of Media and PR, Pensions and Lifetime Savings Association
T: 020 7601 1726, M: 07713 073 023, E: [email protected]
Babak Mayamey, PR Manager, Pensions and Lifetime Savings Association
T: 020 7601 1718, M:07825 171 446, E: [email protected]
Kathryn Mortimer, Press Officer, Pensions and Lifetime Savings Association
T: 020 7601 1748, M: 07901 007 713, E: [email protected]