The recent pension freedoms saw the most significant change to pensions in 100 years. But these changes haven't just impacted individual pension savers and retirees, they have also required employers, trustees, pension providers and advisers to go back to the drawing board to review and redesign their approach and provision, to ensure they reflect best practice.
These new guidelines will hopefully not only provide a best practice framework for trustees, but also signal to all pension providers and consultants how they can better help employers, employees and trustees to make the most of these new freedoms.
The Pensions Regulator (TPR) has published a new draft defined contribution (DC) code of practice for consultation. The new code aims to raise standards of governance and administration in defined contribution (DC) pension schemes. It sets out the standards of conduct and practice the regulator expects trustee boards to meet in complying with their legal duties, and to deliver better long-term outcomes for retirement savers. The revised code will overhaul the existing DC code, first published in 2013, in order to better support trustee boards and workplace pension scheme managers in light of changes to pensions legislation.