Wednesday, September 14, 2005
[IWS] Towers Perrin: New Role of Pension Trustees in a Global Company [13 September 2005]
IWS Documented News Service
_______________________________
Institute for Workplace Studies Professor Samuel B. Bacharach
School of Industrial & Labor Relations Director, Institute for Workplace Studies
Cornell University
16 East 34th Street, 4th floor Stuart Basefsky
New York, NY 10016 Director, IWS News Bureau
________________________________________________________________________
Towers Perrin
New Role of Pension Trustees in a Global Company [13 September 2005]
http://www.towersperrin.com/hrservices/webcache/towers/United_States/publications/Article_Reprints/Pension_Trustees/Groves.pdf
[full-text, 5 pages]
[excerpt]
The pressures on trustees are due in part to the turbulence in financial markets, but trustees are also being called upon to know more about the employer's business so they can assess properly its ability to fund
the plan. New laws through the Pensions Regulator in the UK, for example, are recognizing this requirement.
In this section of the Report, we focus on the relationship of defined benefit trustees in the UK with a US headquartered company. We have chosen this relationship because US corporate executives have, in
recent years, come under perhaps the most rigorous regulatory scrutiny regarding their financial statements and they have transferred some of this burden to their overseas subsidiaries. Additionally, UK trustees have
been subject to increased regulatory direction. We explore why decision-making regarding a defined benefit plan is now harder for UK trustees in the current legislative environment and discuss various ways
forward for them when dealing with corporate HQ . We conclude with a few remarks about what these issues may mean for the worldwide pension industry in the years to come, and we also draw some observations.
_____________________________
This information is provided to subscribers, friends, faculty, students and alumni of the School of Industrial & Labor Relations (ILR). It is a service of the Institute for Workplace Studies (IWS) in New York City. Stuart Basefsky is responsible for the selection of the contents which is intended to keep researchers, companies, workers, and governments aware of the latest information related to ILR disciplines as it becomes available for the purposes of research, understanding and debate. The content does not reflect the opinions or positions of Cornell University, the School of Industrial & Labor Relations, or that of Mr. Basefsky and should not be construed as such. The service is unique in that it provides the original source documentation, via links, behind the news and research of the day. Use of the information provided is unrestricted. However, it is requested that users acknowledge that the information was found via the IWS Documented News Service.
Stuart Basefsky *
Director, IWS News Bureau *
Institute for Workplace Studies *
Cornell/ILR School *
16 E. 34th Street, 4th Floor *
New York, NY 10016 *
*
Telephone: (607) 255-2703 *
Fax: (607) 255-9641 *
E-mail: smb6@cornell.edu *
****************************************
_______________________________
Institute for Workplace Studies
School of Industrial & Labor Relations
Cornell University
16 East 34th Street, 4th floor
New York, NY 10016
________________________________________________________________________
Towers Perrin
New Role of Pension Trustees in a Global Company [13 September 2005]
http://www.towersperrin.com/hrservices/webcache/towers/United_States/publications/Article_Reprints/Pension_Trustees/Groves.pdf
[full-text, 5 pages]
[excerpt]
The pressures on trustees are due in part to the turbulence in financial markets, but trustees are also being called upon to know more about the employer's business so they can assess properly its ability to fund
the plan. New laws through the Pensions Regulator in the UK, for example, are recognizing this requirement.
In this section of the Report, we focus on the relationship of defined benefit trustees in the UK with a US headquartered company. We have chosen this relationship because US corporate executives have, in
recent years, come under perhaps the most rigorous regulatory scrutiny regarding their financial statements and they have transferred some of this burden to their overseas subsidiaries. Additionally, UK trustees have
been subject to increased regulatory direction. We explore why decision-making regarding a defined benefit plan is now harder for UK trustees in the current legislative environment and discuss various ways
forward for them when dealing with corporate HQ . We conclude with a few remarks about what these issues may mean for the worldwide pension industry in the years to come, and we also draw some observations.
_____________________________
This information is provided to subscribers, friends, faculty, students and alumni of the School of Industrial & Labor Relations (ILR). It is a service of the Institute for Workplace Studies (IWS) in New York City. Stuart Basefsky is responsible for the selection of the contents which is intended to keep researchers, companies, workers, and governments aware of the latest information related to ILR disciplines as it becomes available for the purposes of research, understanding and debate. The content does not reflect the opinions or positions of Cornell University, the School of Industrial & Labor Relations, or that of Mr. Basefsky and should not be construed as such. The service is unique in that it provides the original source documentation, via links, behind the news and research of the day. Use of the information provided is unrestricted. However, it is requested that users acknowledge that the information was found via the IWS Documented News Service.
Stuart Basefsky
Director, IWS News Bureau
Institute for Workplace Studies
Cornell/ILR School
16 E. 34th Street, 4th Floor
New York, NY 10016
Telephone: (607) 255-2703
Fax: (607) 255-9641
E-mail: smb6@cornell.edu
****************************************
# posted by SBasefsky : 6:17 AM
