22 November 2011
Pitmans Trustees relaunches Contract Based Pension Governance Service
Pitmans Trustees (PTL), a leading independent trustee and governance services provider, today announced that it has relauched its successful Contract Based Pension Governance Service, originally launched in 2008.
Darren Jefferson of PTL, explained, 'With the arrival of NEST next year we are expecting a significant number of the 1.2m employers that are moving into work based pension provision for the first time, to be looking at group personal pension plans. In addition to this, and partly as a result of this, over the last couple of years, there has been an increase of regulatory interest in the governance of these arrangements. The Pensions Regulator (tPR), the Department of Work and Pensions (DWP) and the Investment Governance Group (IGG) have all published guidance in the last 12 months.
'We have been providing governance to contract based pension schemes for a number of years, however, as a result of these changes, we have updated and enhanced our product to meet this new demand. The new product has strengthened governance procedures built around an up-to-date Governance policy that reflects all of the needs of tPR, the DWP and the IGG. In other words, it is entirely consistent with the regulatory objective of delivering good member outcomes.
'Our aim, with the new product, is to deliver robust proactive default options and an environment where members can make informed choices. The advantage for employees is a greater chance of achieving their pension aspiration, the advantage for employers is happier staff who will be better motivated and so more profitable'
Contact us for more information on our Contract Based Pension Governance Service