The Pensions Regulator

Code of practice 08
MNT/MND - putting arrangements in place

.

.

.

Corporate trustees

A scheme has more than one corporate trustee

86. If the MND requirements apply then the corporate trustees should co-operate when designing their arrangements with a view to avoiding unnecessary duplication and cost.

A company is trustee of more than one scheme

87. A company must decide whether the MND requirements are:
    • to apply separately to it in respect of each scheme; or
    • to apply to all schemes of which it is trustee as if they were a single scheme⁴⁵; or
    • to apply separately to some schemes and to other schemes as if they were a single scheme.
88. A company may treat more than one group of schemes as if they were a single scheme⁴⁶.
89. Any corporate trustee which intends to treat as a single scheme some or all of the schemes of which it is trustee should consider seeking the views of the schemes' employers and, if appropriate, other trustee companies.

.

.

.