On 17 March 2021, The Pensions Regulator (TPR) published a press release calling for “industry views” to assist in making a “clearer, more accessible single code of practice”. With this in mind, they have opened a consultant which will focus on the draft content for the first phase of their new code of practice. The aim is that the new code will replace 10 of the existing codes, mainly regarding the governance and administration of pension schemes. The remaining codes will be focused on later, once these changes have been implemented, with further consultations likely later this year.
Alongside the press release, TPR have also published a full draft (https://www.thepensionsregulator.gov.uk/-/media/thepensionsregulator/files/import/pdf/full-draft-new-code-of-practice.ashx) of the new code of practice. The now 149-page document has broken up the modules into 51 areas to make it easier to access, understand and utilise. There are some new areas and content that feature, for example changes to climate change and cyber controls.
TPR’s Executive Director for Regulatory Policy, Analysis and Advice, has said: “The new code of practice represents TPR’s ambition to create a single point of consistent and up-to-date information for all pension scheme governing bodies.” This shows that TPR have a clear goal of simplifying the current codes and practices, in order to make a more user-friendly approach for governing bodies, trustees and those in the market.
TPR have stated that the consultation period will run until 26 May 2021, which should offer pensions professionals a great opportunity to share their thoughts and views.
If you’re in the pensions market and are interested in taking part in the consultation, please visit TPR’s website for more information here.
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