Pensions - Articles - New DC code underlines TPR’s expectations of trustees

 The code, which applies to all schemes offering money purchase benefits, is supported by a series of 'how to' guides that provide more detail on how trustees can meet those standards in practice. TPR has also produced a tool to help trustees to assess their scheme against the standards in the code, so that they can identify areas requiring improvement.

 Executive Director for Regulatory Policy Andrew Warwick-Thompson said: “Millions of people are being auto-enrolled into DC pensions, so it’s essential that schemes are being managed to a high standard.

 “The new DC code clearly sets out our expectations of trustees and what is required of them to comply with legislation, including the most recent changes in law.

 “In revising the code, we have responded to calls from the pensions industry to shorten and simplify it, with an increased focus on legislative requirements. It is also being published in a dynamic and user-friendly way, including for people using tablets and mobile devices, offering the ability to navigate directly from the code to relevant legislation and companion guidance online.”

 An updated compliance and enforcement policy for occupational DC schemes has also been published. It describes TPR’s expectations for compliance with legislation and how it will proceed to enforce the law.

 Mr Warwick-Thompson added: “We will act where trustees demonstrate that they are not meeting even the basic 'hygiene' duties of preparing their chair’s statement or completing a scheme return, as this is often an indicator of more serious stewardship failings.”