Draft codes provide flexibility to modify scheme rules

The first code: 'Member-nominated trustees and directors - putting arrangements in place,' arms trustees with advice and guiding principles on how to comply with legislation on member-nominated trustees. Currently, at least a third of pension scheme trustees have to be nominated by members, giving members some control over who is responsible for their pension scheme. The code takes a principles-based approach to the nomination and selection process of MNTs and does not lay out what processes should be used, therefore enabling trustees to decide the correct method for their scheme. The...