On 10 February 2020, The Pensions Regulator (TPR) published its response to the Future of trusteeship and governance consultation document. TPR sought the industry’s views on three areas that it considered key in meeting its aspirations for further reform of the standards of trusteeship and governance. Its aim was to ensure these standards remain appropriate for addressing current risks and protecting the interests of savers in the future.
- Trustee knowledge and understanding
- Scheme governance structures for effective decision-making
- Driving DC scheme consolidation TPR outlined for those schemes that do not meet its standards to improve, or be actively encouraged to start to plan now, even though they are not yet demanding immediate or specific actions.
"The aim is to ensure all savers participate in well-run schemes, with the right governance structures in place to support effective decision-making."
What can trustees do now?
Although there are no mandatory changes included in the response, trustees do still have a duty to ensure that their schemes are well governed. It is vital to take account of likely future changes as they assess governance. Read our briefing note now to help you navigate these challenging changes and gather a better understanding.