- Defined benefit (DB)
- Defined contribution (DC)
Since TPR’s revised Code of practice on the governance and administration of occupational trust-based schemes came into force in July 2016, governance is now the most fundamental requirement for all DC schemes.
Our governance experts help establish and improve governance frameworks. We understand the law that underpins them so we can find governance solutions that address legal issues and work for your scheme.
More than ever, trustees and employers need to ensure their governance measures are not merely there to tick boxes but provide a meaningful process to encourage sound, transparent decision making and to manage risk effectively. External scrutiny has created added impetus, with TPR increasingly focusing on the promotion of good governance through its 21st century trusteeship initiative.
We help our clients meet their DC governance requirements by ensuring the efficient running of boards through business planning, effective use of sub-committees and delegation, and by reviewing existing governance arrangements to ensure they remain suitable for current needs and circumstances.
Good governance achieves good outcomes for members whilst contributing significantly to risk and cost management. We tailor governance solutions for conflicts of interest, data protection and other key operational areas to suit scheme needs and the demands of specific projects as well as preparing and advising on risk registers and policy documents relating to anti-bribery, whistleblowing and other aspects of compliance.
We also help trustees and employers with how to assess value for members in their arrangements, including complex issues around costs and charges and member engagement.
We offer a Governance Health Check to confirm whether effective governance measures are in place.
- Advising on the content of chair’s annual statements
- Providing trustee training on compliance with the new Code of practice and DC guidance from TPR
- Advising trustees on how to assess value for members
- Co-ordinating a major member research study on attitudes to value for money for 11 providers and their IGCs
- Reviewing trustee skills and effectiveness, and identifying any skills gaps
- Providing input into trustee business planning
- Advising employers on the terms of reference for their governance committees.
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