The Pensions Regulator issues a new draft code of practice on DC trust-based occupational pension schemes
In the February edition of Pensions Pieces, Taylor Wessing referred to the Pensions Regulator’s consultation on its own package of measures aimed at occupational trust-based DC pension schemes. In July this year, the regulator published its response to the comments received in the consultation, and also laid before Parliament the final draft of a code of practice for trust-based DC pension schemes. It is expected that that code will come into force in November 2013.
The main areas covered in the code include: the trustees’ duty to have adequate knowledge and understanding in relation to their pension schemes; managing risk and ensuring there are adequate internal controls to deal with this and sufficient resource dedicated to maintaining the ongoing governance of the pension scheme; investment, which includes setting objectives, reviewing investment fund performance and the setting and review of the default strategy; conflicts of interest and how these can be dealt with, not only among the trustees but also when dealing with advisers and service providers; and administration, such as ensuring the completeness and accuracy of scheme data…
If you are registered and logged in to the site, click on the link below to read the rest of the Taylor Wessing briefing. If not, please register or sign in with your details below.
Sign in or Register to continue reading this article
It's quick, easy and free!
It takes just 5 minutes to register. Answer a few simple questions and once completed you’ll have instant access.Register now
Why register to The Lawyer
In-depth, expert analysis into the stories behind the headlines from our leading team of journalists.
Identify the major players and business opportunities within a particular region through our series of free, special reports.
Receive your pick of The Lawyer's daily and weekly email newsletters, tailored by practice area, region and job function.
More relevant to you
To continue providing the best analysis, insight and news across the legal market we are collecting some information about who you are, what you do and where you work to improve The Lawyer and make it more relevant to you.
News from Taylor Wessing
News from The Lawyer
Briefings from Taylor Wessing
For the tax year from 6 April 2014, the standard lifetime allowance has reduced from £1.5m to £1.25m.
One of the areas highlighted last year by the Regulator was the regulation of workplace DC pension schemes.
Analysis from The Lawyer
As the equity capital markets rocketed back into favour and global M&A saw at least a partial return to form, there have been some rich pickings for The Lawyer’s Corporate Team of the Year award shortlisted firms in 2014.
The city-state is working hard to become a global wealth management hub, and law firms are gearing up for a prosperous new world