The IAPF Annual Governance Conference 2018 was held today (29th November) at the Printworks Conference Center Dublin Castle. Addressing the conference, Vincent Boyle, Chief Executive at APT Workplace Pensions Limited outlined how Master Trusts will serve as a real alternative to pension schemes who do now want to “stretch” to the new more onerous governance requirements which will be imposed on pension scheme trustees under IORP II.
Many pension schemes currently ask their employees to act as trustees to the company pension plan. In most cases, this involves the employer indemnifying the trustees against litigation. Furthermore, Vincent explained that valuable employee time is often taken up by such duties. Under the Master Trust the legal responsibility and compliance burden is transferred to the Master Trustee.