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Pensions regulator launches DC quality tool

The Pensions Regulator has launched a new tool to help trustees demonstrate they meet its defined contribution scheme quality standards.

In November, the regulator published a code of practice setting out the 31 quality features it expects all DC schemes to have.

TPR wants trustees to demonstrate they meet these standards by publishing an annual governance statement for the employer and scheme members.

The regulator has today published a template to help trustees assess their scheme against the regulator’s quality features.

TPR executive director for DC, governance and administration Andrew Warwick-Thompson says: “We’re providing DC trustees with the tools they need to demonstrate to employers and retirement savers that they are running a quality scheme, capable of delivering good outcomes for members.

“We expect trustees to be able to show that their scheme meets the standards set out in our code and guidance – most trustees want to do right by their scheme members, and this tool will enable them to demonstrate that they are doing their job properly. 

“The templates will help trustees to keep on top of their systems and controls, to monitor risks and to prioritise actions for the year ahead – enabling schemes to identify and take action to remedy any issues and, ultimately, improve retirement outcomes for DC pension scheme members.”

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