Reminding trustees of their new responsibilities

4 December 2015
On 6 April 2015 new legislation came into force that introduced new responsibilities for trustees of occupational money purchase pension schemes. 

We wrote to trustees earlier this year to tell them about this, as part of the pensions flexibility mailings and included a link to more information on our Trustee zone website.

We're now following this up with a mailing to remind them of their new responsibilities and give them more information to allow them to take action.This may generate some queries from trustees looking to you for support to help them meet their responsibilities.

Examples of this mailing can be found on the right.

Timeline for the mailing

DateMailing
Mon 7 Dec – Wed 9 Dec Adviser
Wed 9 Dec – Fri 11 Dec Trustee

Value for money review

One of the new responsibilities for trustees is to assess the value of costs and charges borne by scheme members.

To help trustees with this we're currently reviewing our workplace pensions to assess our own view of the value for money we provide. Trustees may wish to take account of this when forming their own views.

Retirement Solutions schemes

We've assessed our Retirement Solutions schemes and we believe they currently deliver value for money to the members and we are not proposing to make changes to these schemes.

However, any schemes used for auto enrolment will have the member charges capped at 0.75% a year for the default investment and commission  charges, FAF charges and consultancy charges, if applicable, will be/will have been stopped or reduced from the employer's staging date.

Crest schemes

We're currently reviewing our legacy workplace pensions to assess our own view of the value for money we provide.

We expect to have completed this review by the end of 2015 and will communicate the outcome, and if applicable, what changes we'll be making to schemes early in 2016.

Regulations in full

Further information

Visit our Trustee zone or speak to your usual Royal London contact.

Last updated: 04 Dec 2015

This website is intended for financial advisers only and shouldn't be relied upon by any other person. If you are not an adviser please visit royallondon.com.

The Royal London Mutual Insurance Society Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Registered in England and Wales number 99064. Registered office: 55 Gracechurch Street, London EC3V 0RL.