The Inland Revenue has withdrawn its call for pensioneer trustees to be burdened with a mandatory ob...
The Inland Revenue has withdrawn its call for pensioneer trustees to be burdened with a mandatory obligation to blow the whistle when its required practice rules are broken.
The Association of Pensioneer Trustees (APT) is claiming victory after lobbying the Revenue to drop the proposals which were to come into effect as a draft instrument on 6 April 2002, the first day of the coming tax year.
According to the APT, had the proposals been implemented, pensioneer trustees would have faced an unacceptable conflict of interest.
David Seaton, chairman of the APT, said: 'A whistle-blowing obligation would have created an unacceptable conflict for pensioneer trustees. By law, as trustees, pensioneer trustees have a duty to the beneficiaries of the scheme and must act in the interest of members.
'The proposed regulations would have put them in a position where they could have breached their duty to those beneficiaries.'
Bought plans in 1988 and 1989
To be added to model portfolio service
Launched 25 September