As the complexities of pension scheme management have increased, the need for strong governance and risk management have become more important.  The Regulator has stated that its objective is not to increase the burden on those running pension schemes but to help in raising standards.  The Regulator’s view is that good governance is at the heart of a well run scheme and they are keen to promote governance strongly.  The Regulator has, for example, issued a Code of Practice in relation to the internal controls that trustees should put in place to monitor the management and administration of their schemes. Codes of Practice set out the standards of conduct expected of those running pension schemes and are the benchmark against which schemes will be measured. Good governance will lead to a reduction in costs in the long-term because it will lead to a more efficient decision-making process with fewer problems arising.

We have a long track-record in providing a proactive service to trustees which would help in ensuring that the new requirements are met in a manner which not only satisfies the principles of scheme governance but does so in a pragmatic and cost-effective manner.