Mixed reactions to new U.K. pensions code of practice
Lawyers and accountants in the United Kingdom have welcomed the publication of The Pensions Regulator’s (TPR) new pensions code of practice but warned it might not improve the management of those that are not already well run.
The new code was laid before U.K. Parliament on Jan. 10 and is likely to come into force at the end of March. It sets out what the regulator expects from a well-operated pension scheme and guidance for trustees and managers over what constitutes good scheme governance.
Pensions managers and trustees should be aware the new code will replace existing TPR guidance and should familiarize themselves with it to ensure they continue to comply with their legal obligations.