The governance of DC workplace pension schemes

The following Pensions practice note provides comprehensive and up to date legal information covering:

  • The governance of DC workplace pension schemes
  • Types of DC schemes—terms defined
  • The rise of DC governance
  • Legal framework applicable to DC trust-based schemes
  • Trust law
  • Legislation
  • Code of Practice and guidance published by the Pensions Regulator
  • Legal framework applicable to contract-based schemes
  • Legislation
  • FCA rules
  • More...

CORONAVIRUS (COVID-19) UPDATE: As a result of the coronavirus pandemic, the Pensions Regulator (TPR) issued various guidance documents, including DC investment: COVID-19 guidance for trustees which, among other things, informs trustees of the investment risks faced in a DC scheme and confirms that TPR expects trustees to prioritise DC transfers-out and, having carried out appropriate due diligence, process such transfers within a reasonable timeframe.

On 3 April 2020 TPR released further guidance to assist trustees (and those running public service schemes) with the administration of pension schemes during the coronavirus pandemic and emphasised the importance of trustees working with the scheme’s administrators and that focus should be on critical processes such as paying members’ benefits, retirement processing, and bereavement services.

TPR also issued an update on reporting duties and enforcement activity which states that TPR will take a pragmatic approach to the late preparation of audited accounts and will accept delays to 30 September 2020. Similarly, TPR will not review any chair’s statements until after 30 September 2020, nor does TPR expect to take regulatory action for delays in the review of a statement of investment principles (or statement in relation to any default arrangement) until 30 September 2020. Other reporting easements were in place until 30 June 2020 (for more information, see earlier version of guidance on reporting duties and enforcement

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