The Pensions Regulator (TPR) continues to focus on governance, ensuring that trustees have the appropriate controls in place. But how well is your pension scheme managed?
TPR describes good governance as the ‘bedrock of a well-run pension scheme’ going on to state that ‘there is a clear link between good governance and good fund performance’, confirming that it is an essential part of effective scheme management. Without good governance, you’re unlikely to achieve a good outcome for members.
So, with this in mind, how effective is your pension scheme being managed? Do you have a clear picture in terms of who does what and when things need to be done by?
Evaluating whether your pension scheme is managed effectually or if there is cause for concern can be done by looking at the following areas.
You may want to consider:
Many schemes will treat the above as a tick boxing exercise. However, to truly be proactive in your approach to governance, these bullet points need to be part of a thorough review to improve processes.
Reference The Pensions Regulator