Anna Rogers comments on the new General Code of Practice
The Pensions Regulator yesterday published its long-awaited General Code of Practice, and has confirmed that it is expected to come into force on 27 March.
Effectively a handbook for trustees on how to run a pension scheme, the new General Code means schemes will need to complete compliance exercises to ensure that they are ‘code-ready’ ahead of its implementation.
Senior partner Anna Rogers commented:
“It is good news that this has finally been unveiled. It’s helpful to have all the material in a single code but most schemes will have work to do now that they see the detailed wording. Their existing systems of governance will have to be written up in a compliant way and some new steps may be needed. Resources are pretty stretched across the pensions industry and it’s not a great time for increasing the compliance burden.”
“We’ll be approaching this with a positive mindset, as an opportunity to reflect and improve. Even the best run schemes can benefit from self-challenge.”
Read Anna’s comments in Professional Pensions, here.
To find out how Arc Pensions Law can help your scheme prepare for the General Code of Practice, click here.
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