Consultation on Codes of Governance for DC Schemes
The DC consultation process conducted by the Authority in late 2013 set out our views on the future of DC provision and sought responses to specific questions raised. In relation to pension scheme governance the Authority indicated that it would publish a code a of governance that would provide trustees with a central reference point for the key areas of a DC scheme – including risk management, investment, governance, record keeping etc. and asked respondents to advise:
“Do you agree that the Authority should issue a code of governance in order to clarify the standards it expects of DC trustees?”
Submissions to the consultation, a synopsis of which was published in early 2014, indicated a high level of support for such a code of governance to be issued by the Authority, as this would greatly assist trustees in clarifying the standards and competence it expects for effective trusteeship. In response to these submissions and to progress its programme for DC reform, the Authority has since been developing codes of governance for DC schemes which set out the standards trustees will be expected to adopt to demonstrate their commitment to serving the best interests of members and beneficiaries.
The codes, when published, will be a living document and will be updated and expanded over time as necessary. Template documents to support some of the guidance contained in the codes will also be produced.
The text of the proposed codes can be found under ‘Related Documents’. The section following outlines some specific questions to which the Authority is seeking responses. The final section gives details on how to respond to this consultation.
Submissions are now being sought in relation to the proposed codes of governance for DC schemes. We would like to hear from trustees, providers, managers, advisers and other interested stakeholders on the areas covered in this consultation document. Whilst all comments are welcome on the codes as a whole, we would particularly welcome inputs and views on the specific questions below.
1. Are there any issues not covered in the codes at this point which you think should be?
2. Does the level of guidance included in the codes provide sufficient details to assist trustees in the effective governance of their schemes?
3. Do the codes contain enough practical guidance on the standards and competence that the Authority expects from DC trustees?
4. Have you suggestions on how we could improve the codes?
How to respond
A submission form in word format is available under ‘Related Documents’ where you can insert your responses to the consultation directly. Otherwise, you may send a separate submission.
Please send responses to Mary Broderick by Tuesday, 16 June 2015 by email to email@example.com.
or by post to:
The Pensions Authority
28-30 Lower Mount Street