Almost two in three pension professionals say The Pensions Regulator’s new general code offers a “real opportunity to add value” to clients.
This survey was conducted by The Society of Pension Professionals (SPP) among 500 members attending a webinar event on this new regulation.
In total, 64 per cent agreed with this statement following the event. The number had been smaller prior to the webinar suggesting some pension professionals are looking for more information to fully understand the implications of this regulatory change.
This new general code combines 10 codes of practice issued by TPR, which has been restructured and updated to give practical guidance on matters relating to the governance of all types of schemes.
The objective of the new code is to better meet the needs of trustees, scheme managers and their advisers whilst simultaneously supporting modern scheme governance.
The SPP event was designed to help pension professionals learn what differing schemes will be required to do and by when, how the code can be used to drive value and scheme standards and to explore what proportionality means in practice.
Prior to this webinar 44 per cent of those attending said they felt the code was a box ticking exercise — but this fell to 36 per cent after the event.
Commenting on these figures Muse Advisory director Rosanne Corbett says: “SPP polling suggests most pension professionals think the code is a tangible opportunity to add value.
“This positive outlook increases further once the code’s contents and requirements are better understood. With the code coming into effect on 27 March 2024, pension professionals can support pension schemes to realise that value, which is great news for both the industry and savers.”