New DC code of practice published by TPR
The Pensions Regulator (TPR) has published a new code of practice for trust-based defined contribution (DC) pensions schemes. It sets out the standards that pension trustees need to meet to comply with legislation.
The new code came into force on 28 July 2016 and applies to all DC pension schemes offering money purchase benefits, and is supported by a series of ‘how to’ guides that provide more detail on how trustees can meet those standards in practice.
TPR has produced a tool to accompany the guide to help trustees assess their scheme against the standards in the new code, so that they can identify areas requiring improvement.
An updated compliance and enforcement policy for occupational DC schemes has also been published.
The code’s full title is “Code of practice 13: Governance and administration of occupational trust-based schemes providing money purchase benefits”.
The ICAS Pensions Committee commented on the draft code and its consultation response can be downloaded here.