Pensions update — July 2013
Nabarro has released the July 2013 issue of its Pensions Update, which includes information on the new defined-contribution (DC) code of practice, automatic enrolment and more.
The Pensions Regulator has laid its draft code of practice on the governance and administration of trust-based DC schemes before Parliament. It is due to come into force in November 2013.
The sections of the code on investment and contributions require trustees to have a high level of understanding of the security of assets and protections available (including those relating to platform providers where relevant). They include expectations on the monitoring of investment performance and on the continued appropriateness of any particular investment option (including any default fund) and an understanding of where investments may not be subject to compensation protection. Trustees should set performance review triggers but the code does not set down any specific requirements…
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