PLSA Launches guide on new Trustee Investment Disclosure Duties

Ellie McKinnon, Chief Executive of the Cheviot Trust, was a member of the Pension and Lifetime Savings Association’s (PLSA’s) working group that produced the Implementation Statement Guidance for Trustees.

The guide was published by the PLSA at the end of July to help DB and DC trustees navigate the new requirements to publicly disclose their investment and responsible investment activity over the previous year in an “Implementation Statement”.

The new duties from the Department for Work and Pensions (DWP) require trustees to disclose how and to what extent their investment actions and decisions over the course of the previous year follow the scheme’s Statement of Investment Principles (SIP).

The PLSA’s guidance offers practical support for trustees to produce meaningful and relevant disclosures and sets out:

  • • What the legislation requires and by when;
    • Both general principles and more detailed possible considerations for trustees to produce good statements;
    • The specific considerations around voting behaviour disclosures; and
    • ‘Top tips’ for investment and responsible investment communications.

    Ellie McKinnon commented that “The implementation statement will provide a clearer link between investment objectives and the investment decisions taken. As scheme members become increasingly interested in how schemes invest, I recommend this guide to all Trustees as a starting point for understanding and implementing these new requirements. Starting your preparations early will be key to ensuring your managers provide you with relevant information.”

    A full copy of the guide can be found on the PLSA website. The guidance was produced by the PLSA’s Voting and Implementation Statement Working Group (VISWG), a cross-industry group of experts, as well as by a Stakeholder Group comprised of representatives from government, regulators and industry organisations.

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