Preparing for the regulator's single code

Claire Rankin explores the code's implications for pension scheme trustees

clock • 4 min read
Claire Rankin is pensions partner at Osborne Clarke
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Claire Rankin is pensions partner at Osborne Clarke

New regulations amending section 249A of the Pensions Act 2004 came into force in January 2019. Before this, trustees were required to have sufficient internal controls to ensure that the scheme was run in accordance with its rules and the law. The regulator's Code 09: Internal Controls explained its expectations.

The change introduced a new requirement to establish and operate an effective system of governance, including internal controls, with that system of governance being proportionate to the size, natu...

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