Structural change on the cards for UK pensions - Ritchie

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A pensions expert warns a major structural change for UK pensions industry will squeeze the trustee-based market thanks to the impact of the Pensions Act 2004.

Stewart Ritchie, pensions development director at Scottish Equitable says a lack of training, knowledge and understanding of requirements regarding trust and pensions law among new trustees will lead many small and medium sized employers towards contract-based as opposed to trust-based pension schemes. In his latest ‘Ritchie Paper’, he says following A-Day, pension scheme trustees may have to show to the Pensions Regulator they have the necessary qualifications and experience required to perform their duties, with financial advisers also required to illustrate knowledgeable equal to tha...

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