The Code combines ten codes of practice issued by TPR, which has been restructured and updated to give practical guidance on matters relating to the governance of all types of schemes.
The objective of the new Code is to better meet the needs of trustees, scheme managers and their advisers whilst simultaneously supporting modern scheme governance.
The SPP was designed to help pension professionals learn what differing schemes will be required to do and by when, how the code can be used to drive value and scheme standards and to explore what proportionality means in practice.
There remains considerable interest in the new Code as demonstrated by the fact almost 500 SPP members attended the webinar.
Prior to the event, most attendees already felt the Code was a “real opportunity to add value”, with 56% of attendees saying so when polled.
However, when asked the same question at the end of the event, almost two thirds (64%) believed the Code presented an opportunity to add value. .
In contrast, 44% initially stated that they felt the Code was a box ticking exercise, reducing to 36% after the event.
Rosanne Corbett, Director, Muse Advisory, said, “SPP polling suggests most pension professionals think the Code is a tangible opportunity to add value. This positive outlook increases further once the Code’s contents and requirements are better understood. With the Code coming into effect on 27 March 2024, pension professionals can support pension schemes to realise that value, which is great news for both the industry and savers.”
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