New regulations come into force on 6 April 2015 requiring trustees of relevant multi-employer schemes to be independent of any undertaking which provides advisory, administration, investment or other services in respect of the relevant multi-employer scheme.
To satisfy the requirements a majority of trustees, and in any event, the Chair must be independent.
In order to be “independent” a trustee must satisfy the following tests. 1 and 2 below are factual and therefore should be straightforward to determine. 3 and 4 below are more subjective and may need some analysis.
What does this mean?
Relevant multi-employer pension schemes, such as master trusts, should review the current trusteeships and ensure that they meet the necessary requirements relating to independence. Such schemes have until 5 July 2015 to comply.
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