BN63 - Regulator Consultation on Internal Controls Guidance

Briefing Note

Section 249 of the Pensions Act 2004 brought in the requirement for trustees to establish and operate adequate internal control mechanisms. To assist trustees the Pensions Regulator published a Code of Practice in November 2006 and guidance designed to complement the Code followed in February 2007.

Following a review by the Pensions Regulator, including a governance survey which indicated that a significant number of schemes are failing to comply with the legislation, it has issued revised guidance under a consultation exercise. The Code of Practice is to remain unchanged.

This BBS briefing note summarises the revised guidance.

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