The Pensions Regulator (TPR) has published a revised code of practice on trust-based defined contribution (DC) pension schemes.
The code, which sets out practical guidance to help trustees meet the legislative requirements for running trust-based DC schemes, has been laid before Parliament and the Northern Ireland Assembly.
It is expected to come in from November 2013.
Andrew Warwick-Thompson (pictured), executive director for DC, governance and administration at TPR, said: “Getting DC pensions right is central to making automatic-enrolment a success and improving retirement incomes for millions of people.
“Although there are many excellent DC schemes governed in members’ best interests, overall standards remain mixed. The code of practice will help to meet trustee demands for practical guidance on how they can meet the legislative requirements for running a DC scheme.”
Warwick-Thompson emphasised that TPR is committed to working in partnership with the pensions community, the Department for Work and Pensions and the Financial Conduct Authority to attain consistently high standards across the DC landscape.
TPR also published its response to its recent DC consultation package. It received 68 responses and there was broad agreement with the key areas raised in the consultation.
In coming months, TPR plans to publish updated good-practice guidance for the governance and administration of DC schemes, updates to the modules of its trustee toolkit e-learning programme, an updated guide to help employers select a good DC pension scheme, and an updated guide to operating a management committee for the governance of a workplace personal pension.
Warwick-Thompson added: “We want to make it as straightforward as possible for employers to choose a good scheme for their workers.
“We believe that schemes governed in accordance with the principles and features we have set out are more likely to provide that reassurance.”