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Guidelines for trustees

The major UK pension bodies have come together to produce a model administration agreement that allows trustees to lay down service standards with administrators.

The agreement gives trustees the ability to design their own checklist specifying performance levels and terms of maintenance. It should provide a focus for trustees setting up admin arrangements as well as those who already have agreements in place.

The project was facilitated by the Pensions Management Institute. Bodies that produced the agreement include the NAPF, ABI and Association of Pension Lawyers. A steering group has been set up to review the agreement to reflect changes in legislation and experience.

NAPF director of benefits David Astly says: “This is a good example of the pension community working together to make life easier for those involved in scheme admin.”

ABI head of pensions Joanne Segars says: “PMI&#39s model administration agreement provides a valuable template which should bring clarity to what is all too often a murky area.”

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