Response to The Pension Regulator’s 'Future of Governance and Trusteeship' consultation

The proposals outlined in the consultation will hopefully lead to higher standards across all occupational pension schemes and better outcomes for members.

Commenting on The Pension Regulator’s Future of Governance and Trusteeship consultation, Darren Philp, Smart Pension's Director of Policy and Communications, said:

“This is an important activity by the Regulator which will hopefully lead to higher standards across all occupational pension schemes and better outcomes for members.

“The Regulator is rightly raising the bar and asking schemes to up their game. It could - and maybe should - have gone further, including introducing a new requirement for professional trustees on every board to up the pace of improvement, but the direction of travel is now clear, and all schemes will need to either shape up or ship out.

“Requirements to improve knowledge and understanding and to improve the diversity of trustee boards are both timely and necessary to ensure all trustees have the skills to effectively steward the pension savings of their members.

“The Regulator stresses that there are well-run smaller schemes out there, and these can perform for members provided that the employer is committed to the scheme and has made adequate resources available to do things properly. However, all too often this isn’t the case and too many smaller schemes suffer from poor governance. Again the Regulator is stressing it will act if these schemes fail to raise standards.”

About Smart Pension

Smart Pension is a global savings and investments technology platform provider. Co-founded in 2014 by Andrew Evans, CEO, and Will Wynne, MD, it is one of the UK's largest providers of workplace pensions. Its award-winning master trust is overseen by independent professional trustees. In 2016, Europe’s second largest asset manager Legal & General Investment Management (LGIM) took a minority stake in the digital pension platform, part of a move by LGIM to invest in high-achieving, innovative technology that has a positive impact on the wider economy. In January 2019 J.P. Morgan invested as part of a strategic investment round and in November 2019, Link Group, the leading administrator in the Australian superannuation industry, invested as part of strategic partnership.

In 2019 Smart Pension was named DC Master Trust of the Year, DC Innovation of the Year and Retirement Innovation of the Year in the UK Pensions Awards. It was also named European Pension Fund of the Year 2019 in the European Pension Awards.

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