The Pension Regulator's new money purchase benefits
(DC) code of practice and guides in six key points
The Pensions Regulator (TPR) is replacing Code of Practice no.
13 on governance and administration in defined contribution (DC)
schemes. The new Code will be approved in June 2016 and is likely
to apply in July 2016.
Click here for more detail
on the New Code.
The new Code covers:
the trustee board;
scheme management skills;
value for members; and
communicating and reporting.
The new Code sets out the standards that TPR expects of trustees
of schemes with money purchase benefits.
It has been designed to have all of the standards of conduct and
practice in a single document.
Practical guidance, examples and TPR's recommendations are
set out in six separate guides (the Guides). The Guides also set
out what TPR believes represents 'best practice' in certain
The Pensions Regulator (TPR) is replacing Code of Practice
no. 13: Governance and administration of occupational defined
contribution trust-based pension schemes (the current Code)
with a new version (the new Code).
The new Code also has a new name. It will now be known as Code
of practice no. 13: Governance and administration of occupational
trust-based schemes providing money purchase benefits. This is a
subtle emphasis that the new Code will apply in respect of money
purchase benefits even if they are provided in otherwise defined
benefit schemes (e.g. Additional Voluntary Contributions
The new Code is intended to be:
comprehensive - all of the standards
expected of trustees will be set out in the new Code;
clear and unambiguous; and
short and simple - the new Code does
not include practical guidance, examples and 'how to'
A revised draft of the new Code was presented to Parliament on 9
May 2016. This draft incorporated comments from TPR's
consultation. TPR cannot issue the new Code for 40 days from the
date it is presented to Parliament.
The new Code is therefore expected to come into force in late
June / early July 2016.
Who will the new code apply to?
The new Code will apply to trustees of:
occupational trust-based pension
with two or more members (whether
active, deferred or pensioner); and
schemes that offer money purchase
benefits (including Additional Voluntary Contributions (AVCs)
within defined benefit (DB) schemes).
A broad range of schemes will therefore be subject to the new
Code. These include:
DC sections within schemes offering
money purchase additional AVCs within
occupational DB schemes; and
money purchase benefits with a DB
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