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…
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