With the government introducing new reforms to boost the pensions industry, struggling pensions schemes have had to turn their focus to governance and administration, following the new, strict guidelines as issued by the Pensions Regulator in order to ensure good member outcomes. As part of this education drive, the role of the trustee has been redefined and its importance highlighted; accountability for administration in trust-based pension schemes lies with trustees. While trustees may choose to delegate responsibility for administration, they retain ultimate accountability. The pressure is immense, and now with competition emerging between independent and professional trustees and already existing committees of lay trustees, there is concern that conflicts of interest might scupper the efforts of floundering schemes. Continue reading →