Preparing for the combined code of practice

The Pensions Regulator (TPR) is consulting on a new combined code of practice for pension scheme governance and this will result in the introduction of some new requirements for trustees.

The new code (now known as the General Code) will incorporate the governance regulations introduced in 2018 and will combine 10 of the current codes of practice into a single pensions governance handbook.

We take a look at what this means and the actions you should think about taking now if you are responsible for running a pension scheme.

Every item on a typical trustee meeting agenda is essentially a form of governance and risk management. TPR guidance already highlights a clear link between integrated risk management and better outcomes for members. It is reasonable to apply the same logic to the rest of TPR’s guidance; better scheme governance results in better outcomes for members.