The following Pensions practice note provides comprehensive and up to date legal information covering:
THIS PRACTICE NOTE APPLIES IN RELATION TO TRUST-BASED OCCUPATIONAL DEFINED CONTRIBUTION PENSION SCHEMES
This Practice Note has been archived. It relates to the Pensions Regulator's approach to DC governance between 21 November 2013, when its original defined contribution Code of Practice (the previous DC Code) came into effect, and 28 July 2016, when its new Code of Practice 13 on the governance and administration of occupational trust-based schemes providing money purchase benefits (the New DC Code), together with supporting DC guides, came into effect. It focuses on:
the 31 DC quality features (the DC Quality Features) which were outlined by the Pensions Regulator (the Regulator) in the previous DC Code and accompanying regulatory guidance, published in November 2013, and
the ways in which the trustees of DC occupational pension schemes could demonstrate how they had complied with those DC Quality Features, as was expected of them by the Regulator
The New DC Code is shorter and simpler than the previous DC Code which was published in 2013. This was in response to industry feedback suggesting the latter was too long and complex. To achieve this, the New DC Code simply sets out standards of conduct which DC trustees are expected to follow, and the Regulator removed layers of practical guidance from the previous DC Code which it thinks are now established and no longer need spelling
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