The DC consultation process conducted by the Pensions Authority in late 2013 set out the Authority’s views on the future of DC provision and sought responses to specific questions raised. In relation to pension scheme governance the Authority indicated that it would publish a code of governance that would provide trustees with a central reference point for the key areas of a DC scheme.
Submissions to the consultation indicated a high level of support for such a code of governance to be issued by the Authority, as this would greatly assist trustees in clarifying the standards and competence it expects for effective trusteeship. The Society’s response to the initial consultation can be found here.
In response to these submissions, the Authority has developed codes of governance for DC schemes which set out the standards trustees will be expected to adopt to demonstrate their commitment to serving the best interests of members and beneficiaries.
The text of the proposed code along with details of the consultation process can be found here. Responses to the consultation are due by Tuesday, 16th of June.