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There are three key legal issues we recommend trustees consider over the coming months.
- Single code of practice
- Criminal and civil penalties - TPR guidance
- DC transfers
Single code of practice
- New code of practice on scheme governance
- Replaces the ten existing codes of practice with fifty one modules, nine of which introduce new content
- Intended to help schemes meet the requirements of the new governance regulations
Find out more about new code of practice
Criminal and civil penalties - TPR guidance
- Two new criminal offences for defined benefit pension schemes:
- Avoidance of employer debt
- Conduct risking accrued scheme benefits
- Unlimited fine and/or imprisonment up to seven years
- Increased risk factors and how to mitigate these
Find out more about offences
DC transfers
- Government is encouraging consolidation of DC schemes into master trusts to improve governance
- From 5 October 2021 trustees need to complete an annual assessment on value for members
- Points to consider if transferring to a master trust include:
- Charges and fees structure;
- The provision of benefit flexibilities;
- Matching existing retirement targets;
- Death in service provision;
- Protected pension ages;
- Transfer back facilities for hybrid schemes.
- PASA intends to publish guidance to improve transfers between DC arrangements in early 2022.
Find out more about DC transfers
Date published
26 May 2021
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