The governance of trust-based occupational pension schemes is the responsibility of the trustees, although trustees usually appoint a scheme administrator to look after the day-to-day running of the scheme. Trustees need to be aware of their statutory duties in relation to scheme governance.
FORTHCOMING DEVELOPMENT: The Pensions Regulator (TPR) is due to publish a general code (previously known as a single code) which will bring together 10 of its current codes of practice (on 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). Following delays, the general code, which was consulted on in 2021, is expected to be published by the end of June 2023.
While the general code will for the most part cover old ground in a modular format, there will be new aspects to the code, including the trustee duty to establish an effective system of governance (as introduced by the Occupational Pension Schemes (Governance) (Amendment) Regulations 2018, SI 2018/1103, which implement IORP II). The effective system of governance—which builds on the previous requirement
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