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Good Governance for Pension Schemes. Paul Thornton , Donald Fleming. Regulatory and market developments have transformed the way in which UK private sector pension schemes operate.

This has increased demands on trustees and advisors and the trusteeship governance model must evolve in order to remain fit for purpose. This volume brings together leading practitioners to provide an overview of what today constitutes good governance for pension schemes, from both a legal and a practical perspective. Amendment to temporarily improve benefits under target benefit provision.

Government to remedy unlawful difference in treatment across range of public sector pension schemes

Superintendent must register amendment to plan text document in appropriate circumstances. Restrictions on administration of plan if supporting plan document amended. Division 4 — Registration of Plan or Amendment. Part 5 — Membership in Pension Plans. Part 6 — Administration of Pension Plans. Division 1 — Plan Requirements. Division 2 — Administrator. Administrator must enter into participation agreement.

Administrator must disclose information and records. Administrator must disclose insolvency proceedings.

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Repayment of contributions or transfer of benefits. Administrator must ensure governance policy established. Administrator must ensure statement of investment policies and procedures established. Administrator must ensure funding policy established. Division 4 — Participating Employers.

Funding responsibilities of participating employer. Participating employer must provide information and records to administrator. Trust agreement applies to all participating employers. Participating employer must enter into participation agreement.

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Division 5 — Fundholders. Part 7 — Funding, Contributions and Assets. Division 1 — Funding of Plan. Funding requirements for benefit formula provisions.

Government to remedy unlawful difference in treatment across range of public sector pension schemes

Funding requirements for defined contribution provisions. Division 2 — Contributions to Plan. Maximum employee contributions for funding pension under benefit formula provision. Division 3 — Investing Plan Assets.

Interest, gains and losses on contributions and benefits. Division 4 — Use of Actuarial Excess and Surplus. Part 8 — Benefits and Transfers. Division 1 — Pension Eligibility Date. Pension may start before pension eligibility date. If employment continues after pension eligibility date. Division 2 — Restrictions on Access to Benefits. Exceptions to locking in commuted value of benefits.

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No disposition or attachment of benefits and money. Division 3 — Benefits May Be Affected. Division of benefits under orders or agreements. Division 4 — Death Benefits. Survivor's benefits if member dies before pension commencement.


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Survivor's benefits if retired member dies after pension commencement. Payment out of additional voluntary contributions and optional ancillary contributions. When transfer may be made under this Division. Prescribed rules apply to predecessor and successor plans.

Pension Benefits Standards Act

Rights of members on transfer of membership to another plan. Prescribed rules apply when benefits converted from one type to another. Participating employer's withdrawal from a collectively bargained multi-employer plan. Participating employer's withdrawal from a non-collectively bargained multi-employer plan. Continuation of pension plan despite cessation of benefit accrual. Part 10 — Termination and Winding-Up of Plan. Division 1 — Definition.

Division 2 — Terminating Pension Plans. Division 3 — After Effective Date of Termination. Limitations on payments of pension or benefits. Division 4 — Winding-Up. Allocation and distribution of assets if insufficient to satisfy benefits.