On 22nd May 2015, the Pensions Authority published financial management guidelines for defined benefit schemes.
The guidelines set out what the Authority sees as good practice for trustees to follow in order to understand and manage the funding and investment of their defined benefit scheme
The provisions are divided into four parts:
1. Data about the scheme that the trustees should have available to them
2. Governance practices relevant to financial management
3. Processes that the trustees should follow
4. Analysis that the trustees should undertake
Trustees should ensure that they have access to adequate actuarial and investment advice. However, the responsibility for the scheme always rests with the trustees, who should therefore ensure that they understand the advice they receive and the decisions they as trustees are required to take.
The full financial management guidelines are available here.