HM Treasury, the Department of Work and Pensions and the Pensions Regulator (TPR), have launched a consultation on updating the Myners Principles, which are designed to improve trustee investment decision-making and the governance of pensions funds.
The move follows last year's National Association of Pensions Fund (NAPF) review Institutional Investment in the UK: Six Years On, which concluded that the overall standards of governance of UK pensions schemes had continued to improve and trustees' compliance with the principles introduced in 2001 had increased, while also recommending that the principles should be brought in line with best practice.
NAPF chief executive, Joanne Segars, said: "The NAPF welcomes HM Treasury's response to the review we carried out last year and the fact that it recognises the improvements in governance that pension fund trustees have made since 2001."
Minister of state for pensions reform, Mike O'Brien, added: "The principles have already done much to help improve pension trustees' investment decision making and governance, and this consultation aims to allow trustees to continue to build on that progress."