The following Pensions guidance note provides comprehensive and up to date legal information covering:
Produced in partnership with John Hamilton of Blake Morgan
This policy applies to the trustees (“the Trustees”) of the [insert name of pension scheme] (“the Scheme”).
It is the duty of each Trustee to act impartially and in the best interests of the beneficiaries of the Scheme as a whole. Beneficiaries include employee members, pensioners, deferred members and those claiming through them, such as dependants and in some circumstances may also include [insert name of sponsoring employer] (the “Employer”).
The Trustees also have a responsibility to pay due regard to the Employer, as the Scheme sponsor, in fulfilling their duty as a Trustee.
The Trustees recognise that there are occasions where their personal interests or other fiduciary duties might conflict with, or might be seen by others to conflict with, their role as a Trustee of the Scheme. Possible areas that could give rise to conflicts of interest include:
setting assumptions for actuarial valuations;
setting contribution rates and a recovery plan for alleviating a funding deficit;
assessing the strength of the employer covenant;
considering benefit changes proposed by the Employer;
considering the proper construction of Scheme documentation;
agreeing the investment strategy and reviewing investment choices;
assessing the impact of a corporate transaction;
approving member benefit increases through exercise
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