Many pension schemes will already have implemented appropriately robust governance mechanisms, however, the introduction of the new Singular Code will require trustees to review and enhance traditional processes. For example, the new written policies in key areas such as:
- Remuneration policies for those who run the scheme.
- The appointment of advisors and providers.
- Continuity and succession planning for trustees, advisors and providers.
- The identification and management of advisor conflicts.
Although many Trustee Boards will have some of these mechanisms in place, the arrangements may not be formally written anywhere. There will also be many business’ pension schemes that are yet to put these in place, so they need to start thinking about implementation.