236. Effective system of governance.

The trustees or managers1 of an occupational pension scheme2 must establish and operate an effective system of governance including internal controls3. The system of governance must be proportionate to the size, nature, scale and complexity of the activities of the occupational pension scheme4. The above requirement does not apply in relation to: (1) a public service pension scheme5; (2) any other scheme which is established by or under an enactment (including a local Act), and is guaranteed by a public authority6; (3) a pay-as-you-go scheme