Open consultation

Trustee oversight of investment consultants and fiduciary managers

Summary

This consultation seeks views on the draft Occupational Pension Schemes (Governance and Registration) (Amendment) Regulations 2019.

This consultation closes at

Consultation description

The draft Occupational Pension Schemes (Governance and Registration) (Amendment) Regulations 2019 amend current legislation to integrate an order produced by the Competition and Markets Authority (CMA) into pensions law.

The 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

This consultation follows the government response to the investment consultants market investigation.

Read The Pensions Regulator’s draft guidance consultation (in response to CMA recommendation).

Documents

The Occupational Pension Schemes (Governance and Registration) (Amendment) Regulations

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Impact assessment: The Occupational Pension Schemes (Governance and Registration) (Amendment) Regulations

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Ways to respond

Email to:

pensions.governance@dwp.gov.uk

Write to:

Vicky Bird
Department for Work and Pensions
Policy Group
Private Pensions and Arm’s Length Bodies Directorate
Third Floor South
Quarry House
Leeds
LS2 7UA

Published 29 July 2019