TPR calls for industry consensus on single code of practice

The regulator launched a consultation into its endeavour to bring 10 of the current 15 codes together as one

The Pensions Regulator (TPR) has called for the industry to express its view on its endeavour to create a single and accessible code of practice.

The regulator launched a consultation yesterday (17 March) into its work to bring 10 of the current 15 codes together as one.

TPR’s decision has been done to provide one up-to-date and consistent source of information on scheme governance and management.

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Over a 10-week period, running until 26 May, the consultation will allow governing bodies and pensions professionals the chance to engage with and react to the proposed new code.

David Fairs, TPR’s executive director for Regulatory Policy, Analysis and Advice, said: “The new code of practice represents TPR’s ambition to create a single point of consistent and up-to-date information for all pension scheme governing bodies.

“It will determine how governing bodies should approach governance and administration and provide consistent expectations across different types of scheme set at a level we consider appropriate for any well-run scheme.”

He added: “This user-friendly new code should make it easier for governing bodies, and those providing them with professional services, to distinguish between legal duties they must meet and what we expect should be done to comply with those duties.

“Providing feedback on the new code will help us to make it as clear as possible for the people who need it to run their pension schemes.”

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