The Pensions Regulator (TPR) is the public body that protects workplace pensions in the UK. TPR works with employers and those running pension schemes so that people can save safely for their retirement.
TPR's General Code
The Public Service Pensions Act 2013 introduced the framework for the governance and administration of public service pension schemes and provided for extended regulatory oversight by the Pensions Regulator (TPR).
The Regulator is required to issue one or more codes of practice covering specific matters relating to public service pension schemes. In March 2024, TPR issued its General Code of Practice. The General Code applies to governing bodies of occupational, personal, and public service pension schemes. Content is separated into five key areas, being:
- The Governing Body
- Funding and investment
- Administration
- Communication and disclosure
- Reporting to TPR
The General Code itself is not a statement of the law. However, it does set out TPR’s expectations of how governing bodies should comply with their legal duties. TPR assumes that Trustees and Scheme Managers will have a good understanding of pensions legislation as it applies to them and will be able to interpret how the General Code translates to their legal environment.
Breaches of the Law
All parties involved with the governance and administration of public service pension schemes must report breaches of the law to TPR where they believe failure to comply is likely to be of ‘material significance’ to TPR. This includes administering authorities in their roles as Scheme Managers, Local Pension Boards, and employers. Where a breach is not deemed to be of material significance it should still be logged.
GMPF has a Breaches of the Law Policy and associated appendices to help trustee members and officers to effectively manage, record, and report breaches of the law.