DC Governance: The First Chair's Statement

Under rules which came into force in April 2015, occupational pension schemes providing DC benefits (other than where the only DC benefits are AVCs) must have a chair of trustees (the Chair) in place.

One key duty of the Chair is to sign an annual statement, covering a number of scheme governance activities. The statement will be available to members in the same way as the annual report and must be published within seven months from the end of the scheme year to which it relates. This means that the first statements will need to be produced for scheme years ending on or after 6 July 2015 (covering periods from 6 April 2015) with the first statements required in February 2016.