The PLSA is also proposing to create a single policy body to oversee its work
Members of the Pensions and Lifetime Savings Association will be asked to scrap the trade body’s current constitution on Friday.
Speaking at its annual conference in Manchester yesterday, PLSA chair Lesley Williams said the constitution, created 44 years ago, is “incredibly rigid” and “full of holes”.
Williams said that on Friday the PLSA will ask its members to “scrap” the constitution and start from scratch with new articles of association.
She said: “The new articles will make the rules that govern us simpler and more transparent and mean that we can act faster when things need to change.”
She added: “And they would give power to members: the articles will say we have to consult you on the rules that govern us, and that you can revoke those rules. That means, in future, the way the PLSA works will be more transparent and more flexible, so you can see what we are up to and so we can respond to our ever changing world.”
Williams said the PLSA will also publish a consultation with two new proposals on Monday. One proposal is to create a policy board for the “strategic oversight” of its work.
Williams said the defined benefit and defined contribution councils have been in place for five years but there is a lot of policy work that is relevant to both bodies. The PLSA has had to create extra groups for some projects, which has resulted in it managing work across several bodies.
Williams said: “It’s not working all that well.”
She added: “We need to be more flexible to accommodate the variety of work we are asked for and we need strong oversight to make sure that it is prioritised with the whole spectrum of PLSA members in mind. We’ve looked at a number of structures. And we have reached the view that a single body, a policy board, should be responsible for the strategic oversight of all our policy work.”
However, she says: “The consultation will set out how we think this could work but also ask for alternative ideas – because at the moment this idea is the product of one group of people.”