Sir Steve also raised concern at the difficulty of recruiting trustees, saying: “you want professional expertise but you also want member representation.”
Trustees are typically members of the pension scheme, employees or both and are tasked with ensuring the scheme is run properly.
Their duties include areas such as appointing professional advisers, holding and taking records of meetings and taking investment decisions.
Over time though the number of obligations has increased including plans for trustees to have to consider the impacts of climate change on their pension scheme and its investments.
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