COMMENT: THE GOODE REPORT

The main recommendation of the Report of the Pension Law Review Committee is that trust law will continue to provide the basic structure for occupational pensions in the UK but it will be strengthened by a pensions act administered by a pensions regulator. The Report also proposes minimum solvency rules and, where a fund does fail, a compensation scheme to cover fraud, theft and other misappropriations. In addition, it calls for the role of trustees to be enhanced and for scheme members to have a legal right to representation on the board and greater access to information.