Good Governance for Pension Schemes

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Cambridge University Press, Jul 14, 2011 - Law
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Regulatory and market developments have transformed the way in which UK private sector pension schemes operate. This has increased demands on trustees and advisors and the trusteeship governance model must evolve in order to remain fit for purpose. This volume brings together leading practitioners to provide an overview of what today constitutes good governance for pension schemes, from both a legal and a practical perspective. It provides the reader with an appreciation of the distinctive characteristics of UK occupational pension schemes, how they sit within the capital markets and their social and fiduciary responsibilities. Providing a holistic analysis of pension risk, both from the trustee and the corporate perspective, the essays cover the crucial role of the employer covenant, financing and investment risk, developments in longevity risk hedging and insurance de-risking, and best practice scheme administration.
 

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Contents

1 Introduction
1
2 Regulatory and supervisory context for occupational pension provision
3
3 Pension funds and the capital markets
28
4 Social responsibility and fiduciary duties of trustees
48
5 Good trusteeship
67
6 Conflicts of interest
85
7 The pension scheme in the employment package
104
8 Employer support and the development of the sponsor covenant concept
119
11 Investment governance of defined benefit pension funds
173
12 Hedging investment risk
187
13 Managing longevity risk
207
14 The role of insurance in the occupational pensions market
224
15 Pensions a corporate perspective
246
16 A note on the investment management of defined contribution schemes
265
17 Effective investment governance in defined contribution schemes
267
18 Inside pension scheme governance
289

9 Establishing the funding requirements of pension schemes
134
10 Effective oversight of pension administration
151

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About the author (2011)

Paul Thornton is responsible for the Pensions Advisory team at Gazelle Corporate Finance Ltd and has been involved with a number of Gazelle's major clients. In 2007 he led an independent review of pensions institutions for the Department of Work and Pensions.

Donald Fleming joined Gazelle Corporate Finance Ltd in 2005 to launch its Pensions Advisory business. He has also worked as a corporate financier at Cazenove and Co. (latterly JPMorgan Cazenove) and practised as a banking lawyer with Clifford Chance, specialising in securitisation.

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