You may recall our blog from early June regarding the Pensions Regulator’s draft revised code of practice for defined benefit scheme funding. As of Tuesday [29 July 2014] the code is no longer draft, as it is now in full force.
For full details (including a helpful summary) you can visit the Regulator’s website to View the revised DB code of practice now along with a short essential guide.
The Trustee toolkit has also been updated significantly this week to accommodate the revised code of practice and other recent developments. Users of the toolkit, old and new, should check the website to review what’s changed and possibly revisit modules or tackle additional ones to keep abreast of developments.
The Trustee toolkit is a free learning tool provided by the Pensions Regulator providing a core grounding on all areas of occupational pension schemes. Completion and regular review of the toolkit should be an essential element of all trustees’ knowledge and understanding (TKU) programmes.
Although the Regulator’s TKU requirements can seem onerous at times it is critical that trustees keep up to speed so that they are able to question and manage their advisers.