General code series #6 – reporting to The Pensions Regulator

The general code of practice was published by The Pensions Regulator (TPR) on 10 January 2024 and  replaces 10 of the 15 current codes. With the arrival of the new code, governing bodies (trustees or managers) will need to understand the new practices for reporting to TPR, review existing processes and consider whether new policies […]

General code series #5 – will the general code improve member communications?

In short, no. But it might be a nudge in the right direction (for some pension trustee boards at least). Why do I say that? Well, the communications and disclosure section in the recently published General Code is not too different from that in the draft and there was very little that was actually new […]

General code series #4 – what are the administration requirements of the general code?

Pension administration has often been viewed as the ‘poor relation’ in the hierarchy of pension trustee relationships, but pension schemes exist to pay members their benefits in accordance with the scheme rules and a trustee’s key responsibility is to safeguard these benefits. So, perhaps it’s not surprising The Pensions Regulator (TPR) recognises pensions administration is […]

General code series #3 – the governing body: board structure and activities

The ‘governing body’, is a term introduced by the general code (the code) to add to an already broad landscape of roles and responsibilities! The code’s definition is as follows: ‘The governing body is responsible for running a scheme. Governing bodies may be trustees or managers of occupational pension schemes, or, in public service pension […]

General code series #2 – where to start?

As noted before, there’s plenty trustee boards can be doing now to begin the next stage of the pension governance evolution. There is time to get it right though, so the important thing is just to start! Pension trustees need to make sure any steps taken to comply with the code should benefit the pension […]

General code series #1 – the governance evolution

As a professional pension trustee I get to hear what a whole raft of scheme advisers are saying to trustee boards about The Pension Regulator’s (TPR) proposed new general code of practice and the related ‘effective system of governance’ (ESoG). At this time, it sounds like we’re dealing with a revolution. The problem is, regulatory […]