The Pensions Regulator The Pensions Regulator (“TPR”) has produced and released a has produced and released a draft single Code of Practice, a total of 149 pages consolidating and updating 10 of the 15 existing separate Codes of Practice. The Code has been created to reflect changing requirements, update some now outdated guidance and include new governance requirements coming out of domestic and EU legislation.
Trustees should note the requirement to have various policies in place. Although these do not need to be sent to TPR they can be reviewed as part of any investigation.
The Code is expected to be laid before Parliament in Spring 2022 and take effect sometime in the Summer. Trustees should prepare well in advance to ensure they comply with the Code and have their governance processes documented.
We have summarised what is included in the draft single Code of Practice, and our suggested next steps in our guide below.