DC schemes asked to confirm compliance with charge controls

Trustees and managers of occupational defined contribution pension schemes will be asked to confirm whether or not they comply with new charge controls in their scheme return to The Pensions Regulator.

TPR is also asking for confirmation of the name of a scheme’s chair of trustees or managers, following new legislative requirements introduced on 6 April.

The regulator has published a guide to what’s new in this year’s scheme return and how to complete it.

DC scheme returns will be issued to schemes in the next few months. TPR is urging trustees and those completing returns on behalf of trustees, to ensure they fully understand the new requirements that are relevant to them.

Andrew Warwick-Thompson, executive director for DC and public service pension schemes, says: “The regulations which became law in April place new requirements on trustees and are designed to drive up standards of governance and administration across DC workplace schemes. A key part of our remit is to educate and enable trustees and managers to ensure they understand how to satisfy these new regulations and, in doing so, provide assurance to scheme members that their pensions savings are being looked after properly.

“In light of these legislative changes, we have updated the scheme return so that trustees will be required to confirm that they are meeting the new requirements, notably the charge controls and the need to appoint a chair of trustees.

“I urge trustees and managers to read our new guide and ensure that they accurately complete the new sections of the return that are relevant to them.”