By Adam Cadle
More than one-in-five (22 per cent) of small DC scheme trustee boards meet less often than annually, or not at all, according to The Pensions Regulator (TPR).
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In its sixth scheme governance survey, conducted among 611 schemes, the regulator also stated that awareness levels and actual usage of the Trustee Toolkit are lowest amongst small defined contribution (DC) schemes.
The regulator has also revealed that there are concerns around trustee board knowledge of DC scheme charges. Fifteen per cent of schemes are not confident that the charges incurred by their members offer value for money.
There was some positivity outlined in the report with 88 per cent of trustees showing their awareness of the regulator’s record keeping guidance, an increase from 74 per cent last year.
The major changes to workplace pension provision due in the UK over the next two years are prompting schemes to re-consider how they manage their overall administration, according to Aon Hewitt’s third annual pension administration surveyDelegating investment issues increasingly popular - Aon Hewitt
Around 24 per cent of UK pension schemes now delegate the implementation of investment decisions to a third party, a 17 per cent increase since 2011, according to the 2012 Aon Hewitt Delegated Investment Survey released today. It said a lack of investment expertise has driven trustees to improve pension scheme governance and speed of decision-makingGovernance gets better but room for improvement - TPR
The Pensions Regulator has published its fifth governance survey, reporting that the last year saw gains in a number of areas, though standards need to improve in some areas