Under the Pensions Act 1995 effective 6 April 1997, as part of a robust and solid governance framework, all company pension schemes set up under trust have to comply with MNT requirements.
Trustees must make sure that within a reasonable period arrangements are in place to provide for at least one-third of trustees to be MNTs. These arrangements must include a suitable nomination process and selection process amongst other statutory requirements and should be reviewed at least every three to five years.
We have put together a factsheet with information on how MNTs must comply with UK regulations.
To download our factsheet click here