Good Governance for Pension Schemes

by Paul Thornton , Donald Fleming

• ISBN13: 9780521761611
• ISBN10: 0521761611
• Format: Hardcover
• Copyright: 2011-08-22
• Publisher: Cambridge University Press

Summary

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.

Table of Contents

Introduction

Regulatory and supervisory context for occupational pension provision

Pension funds and the capital markets

Social responsibility and fiduciary duties of trustees

Good trusteeship

Conflicts of interest

Pension schemes and employment

Employer support and the development of the sponsor covenant concept

Establishing the funding requirements of pension schemes

Effective oversight of pension administration

Investment governance of defined benefit pension funds

Hedging investment risk

Managing longevity risk

The role of insurance in the occupational pensions market

Pension risk from a corporate perspective

Investment management of defined contribution schemes

Effective investment governance in defined contribution schemes

Inside pension scheme governance

Table of Contents provided by Publisher. All Rights Reserved.