Trustee oversight of investment consultants and fiduciary managers

Consultation opened on 29 July 2019. Closing date 02 September 2019.

Summary

Consultation on proposals to amend current legislation to integrate an order produced by the Competition and Markets Authority (CMA) into pensions law.

Documents

Consultation description

The author for this consultation is the Department for Work and Pensions. As such, all consultation information and related documents can be found on the GOV.uk website

The Department for Work and Pensions has published the consultation paper Delivering the Competition and Markets Authority recommendation for trustee oversight of investment consultants and fiduciary managers.  The paper seeks views on the draft Occupational Pension Schemes (Governance and Registration) (Amendment) Regulations 2019. The proposed Regulations will amend current legislation to integrate an order produced by the Competition and Markets Authority (CMA) into pensions law.

The proposed Regulations:

  • will require trustees of occupational pension schemes, subject to certain limited exceptions, to carry out a tender process for fiduciary management services and set objectives for their investment consultants;
  • will allow the Pensions Regulator to oversee the requirements.

The consultation is aimed at:

  • pension scheme trustees;
  • pension scheme service providers, other industry bodies and professionals;
  • civil society organisations;
  • pension scheme members and beneficiaries;
  • any other interested stakeholders.

In general, Northern Ireland’s pensions policy and legislation operate in line with Great Britain, and there is, in effect, a single pensions system across the UK.  Additionally, the pensions regulatory regime, for example, the Pensions Regulator operates UK wide.  It is anticipated therefore that corresponding Regulations will be introduced here, subject to the necessary Ministerial, Executive and Assembly approvals.

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