21st Century Trusteeship – LGPS, ignore at your peril!
01 Feb 2018 - Estimated reading time: 60 Seconds
While it’s not immediately obvious from the name, we look at why the Pensions Regulator’s (tPR’s) 21st Century Trusteeship Campaign should be front of mind for all those involved in running LGPS funds.
What is “21st Century Trusteeship”?
Towards the end of last year tPR launched its 21st Century Trusteeship campaign with the stated aim of driving up standards of governance in pension schemes and ensuring better outcomes for scheme members.
The campaign is the latest move from tPR as it looks to set out what it wants from you and your funds, and states its intention to be bolder about enforcing those standards where people are failing to meet them.
Under the 21st Century Trusteeship banner, tPR will issue a series of communications to make it absolutely clear to those responsible for managing pension schemes what the expected standards look like – see tPR’s website for more details.
Why you shouldn’t ignore this
We know there are a wide range of views out there about the effectiveness and usefulness of tPR’s involvement in the LGPS to date. It is also true that some of the terminology used in this campaign might feel more appropriate for the private sector. However, it takes a brave person involved in the running of a LGPS fund to choose to ignore this campaign. The stick is that the Regulator has stated that they see 21st Century Trusteeship as being fully applicable to the public sector (and tPR look likely to increasingly bare more teeth!). The carrot is that the aims of the programme are worthwhile – few will put up their hands to admit to having a badly run pension fund, which is what this is all about (whether you are talking about “trustees” or “pension committee and/or Local Pension Board members”).
Download our summary to find out more about what the campaign will focus on and what you can do.