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Pensions Directive - issues for scheme trustees

Pensions Directive - issues for scheme trustees. The Directive and trustees. Background Trusteeship Investment Cross-border Miscellaneous Timing and implementation. Background. The Directive Common minimum standards of governance Cross-border schemes Few issues of principle

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Pensions Directive - issues for scheme trustees

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  1. Pensions Directive- issues for scheme trustees

  2. The Directive and trustees • Background • Trusteeship • Investment • Cross-border • Miscellaneous • Timing and implementation

  3. Background • The Directive • Common minimum standards of governance • Cross-border schemes • Few issues of principle • 23 September, 2005

  4. Trusteeship • ‘Good repute’ Not • Undischarged bankrupt • Undischarged composition • Convicted of fraud or dishonesty • Companies Act s.150 declaration • Company with ineligible director • ‘Suitably qualified’ • Training • All trustees • Depends on delegation of activities • Company trustees • Trustee responsibility

  5. Investment • Statement of investment policy principles • Large schemes only • Borrowing • Direct investment only • Large schemes: liquidity only • Small schemes – regulations to follow

  6. Investment, contd. • Self-investment • No more than 5% • DC and DB • Prohibited, not just ignored • Investment regulations • Primarily in regulated markets • Diversification • Derivatives • Look-through

  7. Cross-border • Employers can sponsor foreign schemes • Home governance, host social & labour law • Prior authorisation • No underfunding • UK/Irish schemes

  8. Miscellaneous • Defined contribution and pensions • Group self-employed • Registration

  9. Implementation • Commencement • 23 September 2005

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