The Pensions Regulator (TPR) is aware of “the huge amount of value lay trustees deliver” and is focused on ensuring they receive the support they need for their increasingly complex role, it stated at the Pensions Age Autumn Conference.
Discussing value for members and consolidation in the DC market, TPR policy business lead, Mark Potter, said that “I want to be really clear; we are aware of the huge amount of value lay trustees deliver”.
“We want to retain the capital of that while making sure that they are given the support they need as the role of being trustee becomes even more complex,” he added.
According to Potter, “members deserve high standards of governance and trusteeship”.
“They have a right to expect that the people looking after what is for many their entire retirement savings, to be appropriately skilled to do so. We all have a responsibility to ensure that every trustee body has the appropriate level of skill and professionals,” he explained.
Potter also mentioned that there has been “a lot of talk as to how this might be achieved, such as the recent call for evidence”.
In July, the Department for Work and Pensions (DWP) and HM Treasury launched a joint call for evidence to deepen the evidence base around trustee capability and the barriers to trustees doing their job in a way which is effective.
The consultation, one of a number of measures announced as part of the Chancellor’s first Mansion House speech, is focused on three areas: Trustee skills and capability, the role of advice, and barriers to trustee effectiveness.
In particular, the government said that it is "particularly interested" in whether trustees have the right knowledge and skills to consider investment in the full breadth of investment opportunities.
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