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How governing bodies should handle matters relating to scheme investments including decision-making, monitoring performance, statements of investment principles and climate change.


Early draft of the code of practice

This code is not in force yet. It is an early version for the new code of practice consultation.

To give us feedback on issues such as the design, usability and navigation of this code, email us at

You can also read more information about the consultation.

Investment governance

The policies and procedures that ensure a governing body complies with any obligations it has relating to investment.

Investment decision making

The steps that governing bodies should take to implement investment decisions.

Implementation report

The information that governing bodies should include in their report to demonstrate how they have acted according to the statement of investment principles.

Investment monitoring

How governing bodies should monitor and review the performance of scheme investments.


How governing bodies should exercise the range of rights and responsibilities given to them through ownership of scheme investments.

Climate change

Managing risks and opportunities from climate change, including as part of the scheme's investment strategy.

Statement of investment principles

How the governing body must prepare the SIP, the information it must contain and the requirements to make it available.

Default arrangements and charge restrictions

Details of requirements relating to default investment arrangements including the charge cap.