6 December 2011
The Pensions Regulator has today released its six principles for the design and governance of workplace defined contribution pension schemes in a presentation to the NAPF Trustee Conference.
In brief, the six principles are as follows:
- Schemes are designed to be durable, fair and deliver good outcomes for members
- A comprehensive scheme governance framework is established at set-up, with clear accountabilities and responsibilities agreed and made transparent.
- Those who are accountable for scheme decisions and activity understand their duties and are fit and proper to carry them out.
- Schemes benefit from effective governance and monitoring through their full lifecycle.
- Schemes are well-administered with timely, accurate and comprehensive processes and records.
- Communication to members is designed and delivered to ensure members are able to make informed decisions about their retirement savings.
Fuller details are available on the Pensions Regulator website using this link: External link