Stonefrost Report meaning

A historical pensions industry report on how occupational pension schemes should measure and report investment performance, and how trustees should assess and compare investment managers. The Stonefrost Report is the National Association of Pension Funds (now the Pensions and Lifetime Savings Association) inquiry published in 1991, chaired by Maurice Stonefrost. It is not defined in legislation or case law; the term is a descriptive reference used in pensions law and investment governance. Practitioners cite it for early recommendations promoting consistent performance metrics, appropriate benchmarks, independent performance measurement, and clearer reporting to trustees to support manager selection, mandates and review. Although not binding, it influenced later industry guidance and best practice on investment monitoring and accountability. Usage is broadly consistent across England & Wales, Scotland and Northern Ireland, where it is mainly of historical interest but may still appear in trustee training, governance reviews and due diligence materials. In Ireland, the term is recognised by some pensions professionals but has no specific legal status; comparable principles arise through local guidance and EU-derived governance standards. Contemporary compliance should follow current regulatory requirements and guidance, with the Stonefrost Report providing background context on investment performance measurement in pensions.