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Guidelines for trustees

An independent set of guidelines to help new and existing pension trustees has been published ahead of the Myners&#39 review recommending new responsibilities.

An independent group of trustees has collaborated to produce a code of practice that will help trustees assess whether they are undertaking their responsibilities correctly.

Launching the guide in London last week, pensions minister Ian McCartney said it provides an excellent overall picture of what being a trustee means, the roles they play, the framework within which they work and where trustees can go for information and advice.

He said: “It does not try to answer all the questions but it does tell trustees what questions to ask and where to find the answers. I think they will find that very helpful.”

With trustees facing the possible threat of fines or imprisonment under recommendations from Myners, the guide aims to give trustees and pension scheme members more confidence that obligations are being fulfilled.

CIS general manager (marketing) Martin Clarke says: “The code of practice provides further support material for those who dedicate their time to overseeing the running of their company pension scheme. It helps to ensure that trustees are familiar with all the issues concerned without the need for further regulation.”

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