The Pensions and Lifetime Savings Association (PLSA) is to undergo a comprehensive review of its governance to ensure it works on behalf of its members and all stakeholders, operates effectively and attracts the right people.
Lesley Williams, chair of the PLSA, announced the review at the organisation’s annual conference in Liverpool today.
The body will also launch a master trust committee to be the voice of master trust pension provision within its membership. Made up of 13 senior executives, the committee will set the PLSA’s strategic direction on master trust policy, promote and support the development of the master trust market, and help savers in master trusts achieve a better income in retirement. Chris Hitchen will chair the Master Trust Committee.
The organisational review will look at the structure and remit of the board, the structure of the councils within the organisation and the way the PLSA addresses diversity issues.
The review will start immediately and will run until October 2017. The board will consult with members on any potential proposals in the New Year.
Williams said: “We have to make sure we walk the talk of 21st century governance. At our last annual conference we announced that we were reinventing the Association. We have made great progress but there is more to do.
“In a world that changes as quickly as ours we want to make sure we can reinvent ourselves when we need to. Not just when it comes to conference programmes, publications and policy work, but in the fabric of the Association.
“That’s why the PLSA is undertaking a comprehensive review of its own governance to make sure we have the right structure to deliver our strategy and purpose, the right people within that structure and the right selection processes for those people.”
Independent non-executive director John Dembitz said: “A year after the launch of the PLSA, it’s the right time to look at how our structure can best support our mission to help everyone achieve a better income in retirement and how we can best represent our members.
“I am delighted to bring my experience outside of pensions to support Lesley and the Board with the review. This is a hugely important project and a great opportunity to engage members in the way their Association works and to establish governance fit for purpose now and years ahead.”
Hitchen says: “Master trusts are an important part of the PLSA’s membership and are critical to the future of the Government’s pension policy. The Committee is therefore a significant and positive step in the development of the relationship between the Association and master trusts and recognises the essential role of master trusts in automatic enrolment.”