** UPDATE opdu / trm nominated for Engaged Investor Award **
We are pleased to report that opdu, in conjunction with trm, has been nominated for an award for its services to trusteeship. The nomination is for the development and delivery of the Risk Model CD (detailed below).
The "Engaged Investor Award for Commitment to Raising Standards of Trustee Education" will be awarded to the private sector company that in the view of the voters has demonstrated the most commitment towards trustee education.
To view the other nominees in this category and to place your vote please visit the Engaged Investor web site.
The opdu Report - Issue 19, November 2005
New initiative to assist trustee
"knowledge and understanding"
opdu is undertaking a major initiative to promote the raising of trustee awareness
on how to tackle risks to which pension schemes are exposed in a cost effective
manner. This is being done by the distribution of a risk management model for
One of opdu’s stated objectives
is to help to raise standards in
pension scheme administration and management. Contributing to this important
objective opdu’s subsidiary, Trustee Risk Management Ltd (trm), aims to facilitate
good governance through regular interactive trustee workshops and the implementation of trm’s risk management model for trustees.
The draft Code of Practice on trustee knowledge and understanding sets out
proposed guidance for trustees on how they can comply with the legal
requirements due to be introduced in April 2006.
Jonathan Bull, opdu Executive Director, said: "During the recent consultation on
this Code, concerns were expressed by some industry bodies about the effect on
trustee training and the cost impact on pension schemes of compliance with the
Code. As part of our commitment, we are distributing a complimentary copy of
trm’s risk management model to pension schemes. Our intention is to
complement the information in the
e-learning package for trustees that The Pensions Regulator is developing and
would welcome the incorporation of the model into their e-learning package
when it is introduced. Our approach to pension scheme governance puts risk
management for trustees in perspective in a very practical and interactive way. I
believe that trustees and their scheme’s officers will find the CD interesting and
The Pensions Regulator has issued a draft code on Internal Controls that seeks to
give guidelines to trustees and outlines the Regulator’s expectations in relation to
the assessment of risk, implementation and review of adequate internal controls.
Brian Holden, Chairman trm Advisory Service, said: "The Regulator recommends
trustees develop a risk management framework to assess the adequacy of internal
controls. The trm model isa user-friendly programme that trustees can use for
their own scheme and should go a long way to improve trustee knowledge and
understanding and enable trustees to set objectives, identify potential risks and
monitor appropriate controls."
trm is continuing its series of regular interactive workshops.
Details and booking
arrangements are available here.