The personal pensions regime

STOP PRESS: On 28 March 2024, the Pensions Regulator (TPR)’s new General Code of Practice came into force, through the Pensions Act 2004 (General Code of Practice) (Appointed Day, Amendment and Revocations) Order 2024, SI 2024/431. The General Code merges and updates ten of TPR’s existing codes of practice into a single code made of ‘51 shorter, topic-based modules’. TPR say this new format will make it easier for governing bodies to find TPR’s expectations and certify whether they meet them.

The ten codes of practice affected are those relating to reporting breaches of the law, early leavers, late payment of contributions, trustee knowledge and understanding, MNTs/MNDs, internal controls, dispute resolution—reasonable periods, DC governance and public sector governance.

Among other things, the General Code of Practice includes a module on trustee remuneration and sets out TPR's expectations on administration and maintaining an effective system of governance (ESOG), as required by the Occupational Pension Schemes (Governance) (Amendment) Regulations 2018, SI 2018/1103 (which implement IORP II). Scheme governing bodies will be expected to demonstrate that they have appropriate procedures and policies in place and

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