Latest articles from Duncan Buchanan

Buchanan: Lay trustees play an often unenviable but critical role

Since I first became a pensions lawyer more than 23 years ago, the level of complexity of pensions has increased both in terms of legislation but also the case law set by judges – a recent IBM judgment exceeded 600 pages in length.   

There is now more than enough law to keep even the most diligent lawyer fully occupied.   

This increased complexity has impacted on the role of pension trustees too.  

Gone are the days when being a trustee meant turning up to four meetings a year to discuss the fund's investment performance and to be told by the actuary every three years what level of employer contribution was needed.

Today's pension scheme trustees are expected and required to take a far more active role in the management of their schemes, be they defined benefit, defined contribution or hybrid arrangements.   

This increased focus on the role has led some to question whether there is still a role for the unqualified, lay trustee – can they really understand such a complex technical subject? 

Click here for the full blog post