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ARTICLE · 21 MAY 2021

All Aboard The Governance Express – New Pensions Regulator Code Of Practice

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The Pensions Regulator ("TPR") is consulting on a draft single code of practice.

United KingdomEmployment and HR
Jay Doraisamy
Jay Doraisamy
Beth Brown
Beth Brown
Olivia Caird
Olivia Caird
Katherine Carter
Katherine Carter
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The Pensions Regulator ("TPR") is consulting on a draft single code of practice.  This consolidates 10 of its existing 15 codes of practice, and also contains significant new content explaining how trustees should comply with the statutory requirement to have an "effective system of governance, including internal controls" (introduced in January 2019).  The code also introduces some new obligations for trustees.  The consultation closes on 26 May.

What does the code mean for trustees?

While schemes will already have many of the requirements for an effective system of governance in place, some changes to schemes' existing policies and processes are likely to be required as a result of the code.  In addition, the code introduces a number of new requirements for schemes with 100+ members, including the following:

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