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Pensions regulator targets small scheme governance with DC code

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The Pensions Regulator has published a code of practice designed to boost governance in small and medium sized trust-based defined contribution schemes.

The code, published last week, sets out what trustees need to know in relation to risk management, investment, governance of conflicts of interest, and administration in order to comply with UK pensions law.

TPR executive director for DC Andrew Warwick-Thompson says the code is designed to be used by trustees alongside the regulator’s six principles and 31 features of good quality DC provision.

Warwick-Thompson says while the code is not a legal document, there are features of the code that are underpinned by pensions law.

He says: “We know from our analysis of the bits of the DC market that we regulate, some medium to small schemes don’t have the right sort of governance base to be sure they are compliant with the law.

“The code will help them understand what they must do to comply with the law.”

Hargreaves Lansdown head of pensions research Tom McPhail says: “It will be a struggle for some small trust-based schemes to meet the regulator’s workplace pension standards.”

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