DC code final draft due end of September
A final draft of The Pensions Regulator's defined contribution (DC) code is due at the end of this month according to executive director of DC and public service pensions Andrew Warwick-Thompson.
Speaking at the Professional Pensions DC Conference Warwick-Thompson said this would be followed by a formal consultation in November 2015 though "no-one should be surprised by what is in the code as we have already consulted on it."
It is expected that the code will be laid before Parliament in May 2016.
Warwick-Thompson said a major challenge with the DC code was to keep it to a reasonable length of 20 pages though extra guidance in the form of How To guides would be made available.
"We want to make the DC code more interactive so while it can be downloaded in PDF format we imagine many will consume it via digital media," he said. "If a particular phrase is used in legislation then you can hover over it and be directed towards further information. So while the final code will be 20 pages there will be more information behind it."
We will update the code going forward as best practice starts to emerge and we will have a code that the industry can buy into and support going forward.
Warwick-Thompson said a wish list of what this extra guidance should entail was being drawn up.
"The feedback we have received so far has been good as people like the fact we have chosen to consult informally before moving to a more formal consultation process," he said. "We will update the code going forward as best practice starts to emerge and we will have a code that the industry can buy into and support going forward."
The Professional Pensions DC conference will also be held in Birmingham on 16 September. Click HERE for more information.
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