Correspondence: Kate Richards, Pensions, Nabarro Nathanson, Lacon House, Theobald's Road, London WC1X 8RW, UK. Tel: +44 (0)20 524 6000; Fax +44 (0)20 524 6524; e-mail: k.richards@nabarro.com

¹was admitted as a solicitor in 1990 and joined the Nabarro Nathanson pensions team in 1995, becoming a partner in 2001. Her recent experience includes drafting pensions documentation, ongoing day-to-day advice to scheme employers and trustees, scheme mergers and winding-up, and advising on the pensions aspects of corporation transactions. Kate is an elected Committee Member of the National Association of Pension Funds (NAPF), West London Group, and was selected as a member of the investment committee of the Association of Pension Lawyers.

Revised 15 July 2002.

Abstract

This paper reviews the key proposals of the Myners Report for trustees of defined benefit (DB) and defined contribution (DC) occupational pension schemes and the Government's proposals for legislation. It considers the proposed raised duty of care for pension scheme trustees and the implication of the adoption of the raised standard upon the role of the trustee. It also examines the impact of the principles and the raised standard of care upon trustee decision-making and the practical outcome of the proposals for trustees.