Regulator issues public service pension guidance

8 Jul 14
The Pensions Regulator has issued guidance to help public service pension schemes comply with new governance standards.

Under the Public Service Pensions Act 2013, schemes need to put in place a pension board to help ensure governance and administration standards are adhered to.

The Act also gave TPR an expanded role overseeing the governance and administration of public sector schemes.

Andrew Warwick-Thompson, executive director for public service pension schemes at TPR, said: ‘The proper running of public service schemes, used by 22,000 employers and with 12 million members, is vitally important as good governance and administration are essential to ensure that retirement savers receive the right benefits at the right time. They should also contribute to the efficiency and cost-effectiveness of public service schemes.

‘It is therefore crucial that newly appointed board members get to grips with their duties and understand how a board should function, which is why we’re publishing these guides now.’

Two ‘quick guides’ have been produced. The first is designed to help schemes establish pension boards, highlighting the areas of governance and administration they will be responsible for, who they will work with and what information needs to be published about the board.

The second is for board members themselves, covering their roles and responsibilities.


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