The Pensions Regulator has put trustee governance at the heart of the nation's system to protect work-place pensions, issuing a discussion document intended to highlight how trustees should oversee schemes.

It highlights three particular areas for attention: conflicts of interest; monitoring the employer's covenant; and relationships with advisers. The Regulator yesterday said it was proposing no new rules for trustees. Instead, it is putting flesh on the bones of general regulatory principles intended to minimise the need for the Regulator to intervene in pension scheme operations.