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TPR publishes revised guidance on tendering for fiduciary managers and setting objectives for investment consultants

Ref: PN2-23

Issued: Thursday 4 August 2022

  • TPR to take over regulation of trustee duties from the Competition and Markets Authority (CMA).

The Pensions Regulator (TPR) has revised its guidance on the tender process for fiduciary management services and trustees setting objectives for their investment consultants.

Since December 2019, trustees have been legally required to run a competitive tender process when appointing fiduciary managers in relation to 20% or more of scheme assets.

They have also been prohibited from receiving investment consultancy services without having set strategic objectives for their investment consultancy provider .

From 1 October, TPR will take over monitoring compliance with these requirements from the Competition and Markets Authority (CMA). This follows regulations made last month by the Department for Work and Pensions.

David Fairs, TPR’s Executive Director of Regulatory Policy, said: “Robust monitoring of a scheme’s financial advisers can influence the effectiveness of its investment outcomes and ensure it is following long-term plans. It also helps trustees ensure they are delivering value for money for savers.

“Since trustees have been required to comply with these obligations and to self-certify their compliance to the CMA for two years, the introduction of these regulations should not place an additional burden on schemes.”

Notes for Editors

  1. The Occupational Pension Schemes (Governance and Registration) (Amendment) Regulations 2022 will come into force on 1 October. The Regulations were initially published for consultation in 2019, however the process was delayed due to the Covid-19 pandemic.
  2. In June 2019 a CMA order placed new duties on trustees with effect from 10 December 2019. The duties required trustees to set strategic objectives for providers of investment consultancy services and to carry out competitive tenders when appointing fiduciary managers in relation to 20% or more of scheme assets.
  3. The Regulations were laid in Parliament on 6 June 2022 by the DWP.
  4. The Pensions Regulator is the regulator of work-based pension schemes in the UK. Its statutory objectives are: to protect members’ benefits; to reduce the risk of calls on the Pension Protection Fund (PPF); to promote, and to improve understanding of, the good administration of work-based pension schemes; to maximise employer compliance with automatic enrolment duties; and to minimise any adverse impact on the sustainable growth of an employer (in relation to the exercise of the regulator’s functions under Part 3 of the Pensions Act 2004 only).

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