In business terms you always used to know when you’d arrived. A company parking space, the key to the executive toilet, first class travel and a seat on the trustee board of the company pension scheme. How times have changed.

You’d have needed to be living on a desert island to have escaped the mass of press comment surrounding what has now become one of the key issues, not only in the pensions arena, but also on the corporate agenda. The Pensions Act 2004 (“the Act”) received Royal Assent on 18th November 2004. It extends to 325 sections and 13 schedules with more regulation and guidance to follow. It will begin to take effect from April 2005 and whilst the legal position of trustees remains unchanged the Act will define the role of a trustee more closely. The establishment of a new code of practice will provide a benchmark against which trustees can be judged. Trustees need to understand that they each have a personal, non transferable liability and that ultimately the buck stops with them. Read more »

Posted in: Blog
Tags: Legislation, Pensions, Professional Trustees, Trusteeship