The Code of Practice for Trustees of Occupational Pension Schemes and Trust RACs, published 18 November 2021, sets out the Pension Authority’s minimum expectations for the conduct and practice of funded occupational pension schemes and trust RACs and other regulated entities. Its purpose is to provide further explanation, where necessary, of how to comply with specific requirements.
Trustees should always remain mindful of their fundamental duty to act in the members’ best interests. But how should they carry out their duty?
The Code sets out the Authority’s expectations in six chapters, one of which (Chapter 5) is devoted entirely to requirements for defined benefit (DB) schemes. The remaining five chapters of the code, summarised below, describe in detail the five main elements of practice:
- General governance requirements
- Internal control system
- Fit and proper requirements
We have put together a guide to help you understand your obligations under the Code.
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