Good Governance for Pension Schemes

Paul Thornton, Donald Fleming

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English

Cambridge University Press
14 July 2011

Corporate governance & responsibilities; Law; Company, commercial & competition law; Commercial law; Financial services law & regulation

Series: Law Practitioner Series

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. It provides the reader with an appreciation of the distinctive characteristics of UK occupational pension schemes, how they sit within the capital markets and their social and fiduciary responsibilities. Providing a holistic analysis of pension risk, both from the trustee and the corporate perspective, the essays cover the crucial role of the employer covenant, financing and investment risk, developments in longevity risk hedging and insurance de-risking, and best practice scheme administration.

By: Paul Thornton, Donald Fleming
Imprint: Cambridge University Press
Country of Publication: United Kingdom
Dimensions: Height: 229mm, Width: 152mm, Spine: 19mm
Weight: 600g
ISBN: 9780521761611
ISBN 10: 0521761611
Series: Law Practitioner Series
Pages: 324
Publication Date: 14 July 2011
Audience: Professional and scholarly , Undergraduate
Format: Hardback
Publisher's Status: Active

1. Introduction; 2. Regulatory and supervisory context for occupational pension provision; 3. Pension funds and the capital markets; 4. Social responsibility and fiduciary duties of trustees; 5. Good trusteeship; 6. Conflicts of interest; 7. Pension schemes and employment; 8. Employer support and the development of the sponsor covenant concept; 9. Establishing the funding requirements of pension schemes; 10. Effective oversight of pension administration; 11. Investment governance of defined benefit pension funds; 12. Hedging investment risk; 13. Managing longevity risk; 14. The role of insurance in the occupational pensions market; 15. Pension risk from a corporate perspective; 16. Investment management of defined contribution schemes; 17. Effective investment governance in defined contribution schemes; 18. Inside pension scheme governance.

Paul Thornton is responsible for the Pensions Advisory team at Gazelle Corporate Finance Ltd and has been involved with a number of Gazelle's major clients. In 2007 he led an independent review of pensions institutions for the Department of Work and Pensions. Donald Fleming joined Gazelle Corporate Finance Ltd in 2005 to launch its Pensions Advisory business. He has also worked as a corporate financier at Cazenove and Co. (latterly JPMorgan Cazenove) and practised as a banking lawyer with Clifford Chance, specialising in securitisation.

Reviews for Good Governance for Pension Schemes

'… this scholarly contribution merits a place on the desk of everyone working in the field of pension governance today.' Lord Hutton of Furness, Financial Times '… this scholarly contribution merits a place on the desk of everyone working in the field of pension governance today.' Financial Times