New Year, New Code: Key Takeaways For Trustees

The Pensions Regulator laid the long-awaited new general code in parliament yesterday, after a consultation in 2021. The new general code's laying period lasts for 40 days and is expected to come into force on 27 March 2024. Once in force, it will apply to trustees and managers of all occupational, personal and public service pension schemes in the UK (although there are various exemptions for schemes with less than 100 members).

The general code: a reminder

The general code combines and updates ten existing codes of practice that set out the Regulator's expectations on scheme governance and administration. The main focus of the general code remains on the operation of an effective system of scheme governance and administration. It also remains the case that the general code should be applied proportionately depending on the scheme's size, type and the complexities of its activities. The general code is not legally binding and there is no direct penalty for