Many occupational pension schemes could be in breach of new investment regulations relating to Statements of Investment Principles (SIPs), warns First Actuarial.
Occupational pension schemes could have a problem, because the regulations were only released two weeks before they came into force on the 30 December 2005. Changes arising from the new regulations appear in two instances, says Alan Smith, director of First Actuarial. The first is for wholly insured schemes, which before 30 December, were exempt from needing a SIP. This has now changed and for the majority of these schemes, unless they have fewer than 100 members, which allows them to keep their exemption, they will need to put a SIP in place for the first time. Secondly trustees of s...
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