Updating the myners principles

The Government has also set aside an additional £1.4bn to deliver 40,000 affordable homes, Hammond said.The cash will be split between rent to buy, shared ownership and affordable rent schemes.In particular, it agreed that the Principles would be more effective if Government and industry developed more flexible and high-level voluntary principles, rather than prescribing how pension funds should manage specific aspects of their business.They also set up an independent Investment Governance Group under the chairmanship of The Pensions Regulator, to enable the pensions community to take responsibility for the content and implementation of the principles and associated guidance and best practice. The government reported that the majority of respondents supported its proposals.

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Whilst we agreed with almost everything in the original report, many of the Principles could never be justified from a cost / benefit standpoint for a sub £50 million scheme (for example regarding activism or investigating transaction costs).

The Government accepted the NAPF’s principal findings and recommendations.

We believe that both revised sets of principles are a big improvement compared to the originals.

However, we feel that some aspects of the defined benefit principles are still unsuitable or irrelevant for small schemes (e.g. There is helpful guidance and a trustees’ toolkit on The Pensions Regulator’s website. Although there may be instances where you believe that it is not appropriate to follow the principles, we believe that trustee boards ought to document how they adopt the principles, and an explanation of any non-adherence.

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