The February 2007 issue of Pensions World

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COMMENT Softly softly catchee monkey NAPF chairman, Robin Ellison, explains why the association refuses to monkey around when it comes to dealing with political animals.	3
CURRENT EVENTS A summary of news, including: PPF faces the storm Hitchen new NAPF head U-turn over NI refunds Schemes to take on drug firms	4 5 6 9
PENSIONS ADMINISTRATION Paint by numbers Demand for a broader canvas means schemes need to brush up on data quality to ensure things are really as they are painted, says Ceri Jones.	16
LIFE'S LADDER: THE 30s Watch this space Are the pension reforms the right programme for young people hoping to save for retirement or are we stuck between stations? James Thomas stares into the stati.	18
COMMISSION RECAPTURE Leap of faith Deficits could take a dive, if trustees take the plunge and push investment managers to consider a jump into commission recapture, says Ian Toner.	21
SCHEME GOVERNANCE Complete the jigsaw Piecing together the puzzle of scheme management is a tricky task but if trustees take a look at scheme controls they will find things fall into place, says Christopher Berkeley.	23
ACTIVE VS PASSIVE Size guide Choosing between active and passive management often comes down to fashion. John Greene considers whether active management can squeeze into the latest equity styles.	26
DB TO DC Exercising control Companies can overestimate their fitness when it comes to fund manager selection. Craig Baker says they can build up the necessary muscle by following a simple regime.	28
EXEMPTION CLAUSES Iron clad Trustees need good protection against personal liability and trustee exemption clauses are the best way to give trustees the metal to parry the blows says Arron Slocombe.	30
REGULAR FEATURES Letters In good company / Courses and seminars Investment Brief Buy the book NAPF update DC debrief Political stage Points of law Trustee topics Beginners' page Tax and benefit notes Pensions progress Association forum Regulation roundup Statistics	8 10 13 14 15 32 33 35 37 39 40 42 43 43 44

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