Compliance and Best Practice – New Pensions Code in Force

    View Author August 2016

    The Pensions Regulator’s revised and updated code of practice on “Governance and administration of occupational trust-based schemes providing money purchase benefits” came into force on 28 July 2016. The new code sets out the Regulator’s expectations of how trustees can meet the legal requirements applying to a money purchase pension plan or money purchase section of a pension plan (including additional voluntary contribution sections). The code is accompanied by six separate pieces of guidance which set out “best practice” requirements in key areas and give more information and examples of how trustees can meet the required standards.

    Our communication provides comment on the Pensions Regulator’s new material, details some of the amendments made as a result of the recent consultation on the guidance, and recommends action for trustees.