Trustee role still being redefined

Article Abstract:

UK pension fund trustees have tended to be selected on the grounds of integrity, and have delegated tasks to fund managers. The UK 1995 Pensions Act has led to a call for more training for trustees, who will have to provide a written account of their investment principles. It is unclear whether this involves asset allocation and the extent to which trustees are affected by the UK Financial Services Act. It is also unclear how far the Minimum Funding Requirement in the Pensions Act will lead to a move toward government securities.

Management

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SIP brings trauma...and advantages

Article Abstract:

The UK 1995 Pensions Act demands that trustees of pension funds set out a Statement of Investment Principles (SIP). They are also under threat of imprisonment if they neglect their duties. The National Association of Pension Funds has refused to provide general guidance, and law firms are seeing this demand for SIPs as an opportunity to earn fees from producing long documents. Critics argue that a SIP can be a mere half page long. SIPs can strengthen trustees' positions and clarify the investment process.

Laws, regulations and rules, Trusts and trustees, Trustees, Trusts (Law)

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Pension fund management: one bad report and you could be out(UK pension fund management)(Industry Overview)

Article Abstract:

UK Pension fund trustees are switching managers more often. This is especially true for subsidiaries of Canadian and US schemes. This mobility may not be the best way to improve performance. Successful managers may find their performance affected by growth as more clients are attracted. There has been a move toward concentration in the pension fund manager industry. Large schemes can use specialist managers. Funds are tending to use fewer managers which could reflect a need to reduce costs.

Commercial Banks, Investment Banking and Securities Dealing, Portfolio & Funds Management, Industry Overview, Portfolio management

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