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NAPF to address governance vacuum

UK pension schemes could face a governance vacuum because of the growth of defined contribution schemes and reduction of defined benefit schemes says the National Association of Pension Funds.
A discussion paper from the NAPF says the shift away from DB schemes will continue but there is no effective mechanism to promote or represent the collective interests of scheme members.
The paper also proposes a new voluntary code of pensions scheme governance to remove much of the regulatory burden currently placed on pension trustees.
NAPF director of policy Joanne Segars says: “If the Governments plans for pensions reform involve a significant role for workplace pension provision, there should also be a policy framework that encourages effective governance of such schemes.”

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