professional trustees

There will be no transitional 'comply or explain' period for professional trustees to prepare for mandatory standards when they come into force later this year, a regulator-backed working group has announced.

Pensions law firm Gunnercooke has established a professional trustee firm, promising a focus on strategy, proactivity and accountability.

Professional trustees will need to comply with six areas of standards from April or May next year under plans to bolster pension scheme governance.

This week we want to know if it is correct to define professional trustees as those who promote themselves as having expertise in trustee matters to schemes they have no connection with.

The Pensions Regulator (TPR) is consulting on changing its definition of professional trustees and is also reviewing its penalty policies for breach of duties.

Recruiting high quality trustees is a major challenge for schemes. Emma Cusworth looks at how this can be managed.

Following its response to the 21st Century trusteeship and governance discussion paper, chairman Mark Boyle underlines TPR's determination to drive up standards.

The Pensions Regulator (TPR) has revealed how it will raise the bar on trustees to address concerns that too many members are suffering financial detriment from poor stewardship.