The transformation should happen around summer 2022 when the existing 15 codes of practice from the Regulator will be transformed into only one new online code which provides all the information on scheme governance and management.
The hope is to create a clearer and more accessible single code of practice.
The full draft of the new code of practice is available here.
The Regulator held a consultation from March to May 2021 and the responses provided challenges and ideas with an extensive range of views from different areas of the pensions industry.
The majority of the requirements introduced by the code apply to schemes with 100 or more members. However, it is essential that also schemes with fewer than 100 members have an effective system of governance in place which is proportionate to their size, nature, scale and complexity of activities.
The key issues raised by the consultation are:
Common expectations
Intended audience for modules
Use of the ‘governing body’
Unregulated investments
Own risk assessment
David Fairs, TPR’s Executive Director of Regulatory Policy, Analysis and Advice, said: “I’m confident the feedback received during our new code consultation will help ensure the final version provides a clear, up-to-date and consistent source of information on scheme governance.”
If you want to see an early version of the web-based code click here