THE IGNORANCE of some company pension fund trustees poses a serious risk to the UK's troubled retirement benefits system, according to Sir Bryan Nicholson, former head of the corporate governance regulator, reports the Financial Times .
Sir Bryan, who stepped down last weekend as chairman of the Financial Reporting Council and has been a trustee himself, said: “Although the situation is much improved, there is still [concern] in my mind that many trustees of pension funds don’t really know what they’re doing'” “It’s not a criticism of the individuals,” Sir Bryan said. “It’s just that they are lay people spending limited amounts of time. I think that is a risk for all pension funds.” In the past year, pension fund deficits have been recognised as the biggest risks that some companies face, says the paper. ALMOST NIN...
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