Contact with schemes
Our relationship with a scheme will largely be determined through our risk assessment process. However, where appropriate, we may contact any scheme to offer advice or discuss procedures - for example, to prevent minor breaches from reoccurring.
Guidance and codes of practice
An important aspect of the regulator's work is to publish guidance for the regulated community. In particular, the Pensions Act 2004 requires us to issue codes of practice on a range of subjects. These codes:
- provide practical guidelines for trustees, employers, administrators and others on complying with the requirements of pensions law; and
- set out the standards of conduct and practice that we expect.
The codes are not statements of the law, and there is no penalty for not complying with them. However, where someone has not followed the provisions of a code, we expect them to be able to demonstrate that they have still met the underlying legal requirements.
In developing the codes, we engage in widespread discussion and consultation. See the Codes of practice area of this site for details of the various codes we are issuing and the planned timetable for consultation.
Trustee learning
The Pensions Act 2004 introduced requirements for trustees to have sufficient knowledge and understanding of pensions and trust law, occupational scheme funding and scheme investment.
Trustees are also required to be conversant with certain documents relating to their scheme, such as the trust deed, rules, statements of funding and investment principles, and other policy documents.