The Pensions Regulator

HM Treasury, DWP and Pensions Regulator launch consultation on updating the Myners Principles

HM Treasury, the Department for Work and Pensions and the Pensions Regulator, are today launching a consultation on updating the Myners principles, a voluntary set of 'comply or explain' principles designed to improve trustee investment decision-making and governance of pension funds. 

The consultation responds to last year's National Association of Pension Fund (NAPF) Review Institutional Investment in the UK: Six Years On, which recommended updating the Myners principles to ensure the continued spread of best practice among pension schemes. 

The consultation proposes a set of refreshed and simplified, higher-level principles and the development of a comprehensive suite of authoritative best practice guidance and tools which will give further assistance for trustees to improve investment decision-making and governance.

Following the NAPF's recommendation that the pensions industry should take increased ownership of the principles, the consultation proposes establishing a joint Government-industry Investment Governance Group to co-own the principles, monitor their effectiveness and the quality of reporting against them, and make recommendations for improvements to investment decision-making and governance.

The Pensions Regulator's chairman, David Norgrove, said: "The proposed Investment Governance Group, which would be chaired by the Pensions Regulator, will provide a forum for both industry and Government to work together to improve trustee investment decision-making and governance standards further."

Responses to this consultation should be submitted by 23 June 2008.

To view the consultation document visit:

http://www.hm-treasury.gov.uk/consultations_and_legislation/
myners/consult_myners_index.cfm

To view the press release in full visit:

http://www.hm-treasury.gov.uk/newsroom_and_speeches/
press/2008/press_32_08.cfm