Helen Baker comments as the General Code comes into force

Partner Helen Baker comments: “As Parliament closes its doors for the Easter recess, the General Code comes into force. This starts the era of effective systems of governance and own risk assessments and is a significant moment for schemes. That said, and as the Regulator promised, the Code is a part of the evolution of scheme governance rather than a revolution as most of the contents of the Code reflect existing legal requirements and what was covered in the Codes of Practice that have been replaced.

The Code provides schemes with a governance road map and makes the Pensions Regulator’s expectations clear, and as schemes begin to use the Code, we are seeing that it is a helpful reference point for checking that they have all the governance measures in place that their scheme needs and that it helps with addressing the newer areas too.

Good governance helps everyone linked to a scheme. It assists trustees in running their scheme effectively, it benefits members by maximising the chances of good outcomes for them and it helps employers because it ensures that their support is used effectively and strategically. We would encourage all schemes to engage with the Code and to consider how the Code can support the operation of their scheme.”