DB pension governance

The Pensions Regulator’s General Code of Practice sets out the standards expected of UK pension scheme governance. It brings together and updates previous codes into a single framework, covering areas such as governance, risk management, administration, and controls. Trustees are expected to demonstrate compliance through proportionate and effective governance arrangements.

An own-risk assessment (ORA) is a trustee-led review of how effectively a pension scheme is governed and managed. It requires trustees to assess their governance and risk management processes, identify potential weaknesses, and document how risks are being mitigated. The ORA helps demonstrate that the scheme is operating in line with regulatory expectations.

Our pension scheme secretaries support the Trustees by ensuring effective governance and smooth day-to-day running of their scheme. In addition to supporting all meetings of the board and its subcommittees with well-planned agendas, meeting packs and minutes, the pension scheme secretary is there to take the load off busy trustees, to liaise with advisers, to input on planning and strategic projects, and to support effective decision-making by the board. A full support service includes policy management, budget control, regular board effectiveness exercises and governance advice on Own Risk Assessments and other key governance activities.