Issues affecting all schemes
Pensions Ombudsman – updated "signposting" wording
The Pensions Ombudsman has circulated generic "signposting" wording for schemes to use to inform members of their right to refer complaints about the administration of the scheme to the Ombudsman. The wording has been circulated in light of, and to reflect, the transfer of the Pensions Advisory Service's dispute resolution function to the Ombudsman.
Action
Trustees should ensure that any future communications to members which are required to include Ombudsman signposting language use the updated wording.
Investment consultancy and fiduciary management – provisional CMA decision
The Competition and Markets Authority ("CMA") has published the provisional decision report in its investigation into the investment consultancy and fiduciary management markets. The CMA has identified competition problems in both markets, but considers that these problems exist to a greater degree in the fiduciary management market. Its recommendations include requiring trustees to run a competitive tender process when appointing a fiduciary manager for the first time.
The CMA's provisional decision is open for comment until 24 August 2018, and the CMA must publish its final report by 13 March 2019. For more information, please see our legal update.
Action
Trustees, especially those who have appointed or are considering appointing a fiduciary manager, should keep the process of the CMA's investigation under review.
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Originally published July 2018
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