Trustees of pension plans which include an element of Defined Contribution provision should assess which aspects of the DC governance and charge capping legislation apply to their pension plan. Although the regulations are currently in draft form they are due to come into effect on 6 April 2015, so time is short. In particular, trustees should note that compliance with the charge capping measures is required from 6 April 2015.
In this communication we highlight the governance and charge capping legislation, looking at which pension plans are in scope and the key requirements. We have also included a checklist to help trustees to form their own action plan.