Earlier this year the Pensions Regulator issued its consultation on the new single code of practice, which is intended to shorten and combine ten of the existing codes of practice. The aim of the new single code is to be “easier to access, understand and act upon”, so that the pensions industry is clear as to the Regulator’s expectations for those running pension schemes.
However, the new single code goes far further than simply combining existing codes, and also introduces a raft of new requirements and duties that those running pension schemes will need to be conversant with.
Whilst the timeframe for the introduction of the new single code has been pushed back to next year, given the numerous new requirements it will introduce, those running pension schemes should start to get up to speed now with the code’s content. The pensions industry considers that ensuring compliance with the new single code is likely to be one of the biggest items on a scheme’s agenda for months to come.