Corporate Adviser
  • Content Hubs
  • Magazine
  • Alerts
  • Events
  • Video
    • Master Trust Conference 2024 videos
  • Research & Guides
  • About
  • Contact
  • Home
  • News
  • In Depth
  • Profile
  • Pensions
    • Auto-enrolment
    • DB
    • DC
    • Defaults
    • Investment
    • Master Trusts
    • Sipps & SSAS
    • Taxation
  • Group Risk
    • Group Life
    • Group IP
    • Group CIC
    • Mental Health
    • Rehab
    • Wellbeing
  • Healthcare
    • Musculoskeletal
    • Mental Health
    • IPT
    • Wellbeing
    • Trusts
    • Cash Plans
  • Wellbeing
    • Mental Health
    • Health & Wellbeing
    • Financial resilience
  • ESG
No Result
View All Result
Corporate Adviser
No Result
View All Result

TPR code of practice ‘should apply to contract’ – NAPF

by Corporate Adviser
July 11, 2013
Share on FacebookShare on TwitterShare on LinkedInShare on Pinterest

A new draft code for the running of occupational trust-based DC schemes has been laid before Parliament and the Northern Ireland Assembly today and is expected to come into force in November 2013.

The code provides practical guidance for trustees of occupational DC trust-based pension schemes about the requirements of pensions legislation. It sets those DC quality features underpinned by legislation in the context of their legal framework and gives practical guidance on how trustees with responsibility for discharging those requirements can demonstrate that they have achieved the relevant standards which the regulator considers likely to drive good member outcomes.

TPR executive director for DC, governance and administration Andrew Warwick-Thompson says: “Getting DC pensions right is central to making automatic enrolment a success and improving retirement incomes for millions of people.

“Although there are many excellent DC schemes governed in members’ best interests, overall standards remain mixed. The code of practice will help to meet trustee demands for practical guidance on how they can meet the legislative requirements for running a DC scheme.”

NAPF chief executive Joanne Segars says: “Auto-enrolment means millions of people will depend on DC pensions for their retirement saving, so standards need to be as high as possible. This is a good initiative that should drive pension quality upwards.

“The Regulator’s first draft of this code was too long and very confusing. They have taken large chunks of it back to the drawing board and it is now in much better shape. The code is now more user-friendly and is clearer about the difference between trustees’ legal obligations and suggestions for good practice.

“But the big weakness of this code is that it excludes contract-based pension schemes, meaning around three million savers will be overlooked by this effort. Savers need to know they are getting a good deal, whatever kind of pension they are in.

“The NAPF is leading the way in setting out what good DC pension provision should look like through its PQM and PQM Ready initiatives.”

Corporate Adviser Special Report

REQUEST YOUR COPY

Most Popular

  • Death-in-service benefits excluded from IHT grab

  • Aviva launches ‘flex first, fix later’ retirement option for master trust savers

  • Laura Mason: This is the moment for targeted pension support

  • Baroness Drake leads revived Pensions Commission re-examining AE levels and SPA

  • Mansion House speech signals pensions reform but omits phase 2 review: industry reaction

  • Industry welcomes revived Pension Commission

Corporate Adviser

© 2017-2024 Definite Article Media Limited. Design by 71 Media Limited.

  • About
  • Advertise
  • Privacy policy
  • T&Cs
  • Contact

Follow Us

X
No Result
View All Result
  • Home
  • News
  • In Depth
  • Profile
  • Pensions
    • Auto-enrolment
    • DB
    • DC
    • Defaults
    • Investment
    • Master Trusts
    • Sipps & SSAS
    • Taxation
  • Group Risk
    • Group Life
    • Group IP
    • Group CIC
    • Mental Health
    • Rehab
    • Wellbeing
  • Healthcare
    • Musculoskeletal
    • Mental Health
    • IPT
    • Wellbeing
    • Trusts
    • Cash Plans
  • Wellbeing
    • Mental Health
    • Health & Wellbeing
    • Financial resilience
  • ESG

No Result
View All Result
  • Home
  • News
  • In Depth
  • Profile
  • Pensions
    • Auto-enrolment
    • DB
    • DC
    • Defaults
    • Investment
    • Master Trusts
    • Sipps & SSAS
    • Taxation
  • Group Risk
    • Group Life
    • Group IP
    • Group CIC
    • Mental Health
    • Rehab
    • Wellbeing
  • Healthcare
    • Musculoskeletal
    • Mental Health
    • IPT
    • Wellbeing
    • Trusts
    • Cash Plans
  • Wellbeing
    • Mental Health
    • Health & Wellbeing
    • Financial resilience
  • ESG

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.