Good Governance for Pension Schemes

Written from a governance perspective, this book brings together pension fund management and operation.

Paul Thornton (Author), Donald Fleming (Author)

9780521761611, Cambridge University Press

Hardback, published 14 July 2011

324 pages, 31 b/w illus. 16 tables
22.9 x 15.2 x 1.9 cm, 0.6 kg

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

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.

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.

Subject Areas: Financial services law & regulation [LNPF], Commercial law [LNCB], Company, commercial & competition law [LNC], Law [L], Corporate governance [KJR]