Trustees of schemes providing defined contribution (DC) benefits are required to prepare an annual governance statement (known as a ‘Chair’s Statement’) within seven months of the scheme year end. Failure to do so can result in fines, negative publicity and enforcement action.
The new requirement came into force on 6 April 2018, it requires additional information to be provided in relation to investment charges and core transaction costs. The information is to be made available online to members via the Chair’s statement. The information must be provided free of charge on a publicly accessible website.
At Assure UK we can provide you with a cost-effective, branded website that meets the new requirements. Websites start at £199 exc VAT with three months free website hosting, which usually costs £20 per month exc VAT. Please contact us on 020 7112 8300 alternatively you can email email@example.com if you require any assistance.
Since 6 April 2015 the trustees of a pensions scheme providing defined contribution (DC) benefits have been required to prepare an annual governance statement that meets the Pensions Regulators (tPR) specifications. The statement is to be a meaningful narrative of how and to what extent governance requirements have been met. Trustees are required to produce the statement within 7 months of a schemes year end, failure to do results in a fine from the tPR between £500 and £2,000.
The new requirement that came into force 6 April 2018, requires additional information on charges and transaction costs to be available on a free and publicly available domain. Please note there are exceptions to these requirements:
Though the regulation came into effect on 6 April 2018, the deadlines for trustees to provide the information is 7 months after the scheme’s year end.
Meaning if your schemes year end was 6 April 2018 you should have been compliant by 6 November 2018. If your year end was 30 September 2018 you will need to comply by 30 April 2019.
The new requirement builds on information that has been required as per the chair’s statements since 6 April 2015. For schemes ending on or after 6 April 2018, trustees must provide the following information moving forward:
The following should be on a free, publicly accessible:
If there has been no review during the schemes year, details of the last review are to be provided.
Click here to read the tPR guide to the Chairman’s statement.
At Assure UK we can provide you with a cost-effective, branded website that meets the new requirements. Websites start at £199 exc VAT with three months free website hosting, which usually costs £20 per month exc VAT. If you would like a website created or require assistance to meet the new requirement please contact us on 020 7112 8300 alternatively you can email firstname.lastname@example.org.