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But however scrupulous the employer may be, there is no substitute for the discipline of another voice in the decision-making process, who can ensure that the employer-appointed trustees do not allow themselves, consciously or unconsciously, to be unduly influenced by the wishes and concerns of the
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In the 1970s, a government white paper recommended that members be given more control over running their pension scheme money, particularly by electing at least half the seats on pension trust boards. In the 1980s and 1990s a series of scandals and corporate collapses led to losses to occupational
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The Goode Report recommended legislation for the participation of scheme members in pensions. Trusts were a sound legal vehicle for ‘protecting the pension promise’. In trust documents, employers write the scheme to themselves and nominate all trustees, even in defined contribution schemes where
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sections 16 to 21, the
Conservative government required that employees and beneficiaries had the right to elect representatives to trust boards, unless the employer opted out. In the
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members earn their benefits by their work and their contributions. It is their scheme in a very real sense and they have a legitimate interest in its management. ...
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the opt out was removed so that one-third of pension trusts or corporations were elected, and the minister could raise this to one-half.
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White Paper, Occupation
Pension Schemes: The Role of Members in the Running of Schemes (1976) Cmnd 6514
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pension funds, and brought public pressure for changes to pension regulation. In particular,
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members bear all risks, and this was unsatisfactory since:
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175:(1993) Cm 2342, paras 4.5.15-4.5.19
35:(1993) Cm 2342, also known as the
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204:Pensions in the United Kingdom
45:pensions in the United Kingdom
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39:after its leading author,
27:Government issued inquiry
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105:. You can help by
32:Pension Law Reform
131:Pensions Act 2004
127:Pensions Act 1995
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49:Pensions Act 1995
16:(Redirected from
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86:Significance
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37:Goode Report
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18:Goode Report
186:ss 241-243
154:References
55:Background
114:July 2023
81:employer.
41:Roy Goode
198:Category
184:PA 2004
137:See also
68:Contents
125:In the
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