Guidance: The Pensions Regulator: General code of practice

1.1. This explanatory memorandum has been prepared by The Department for Work and Pensions and is laid before Parliament by Command of His Majesty.

2.1. The Pensions Regulator’s[footnote 1] revised draft code of practice (“the draft Code”) consolidates ten existing codes of practice (“the old codes”) covering aspects of governance common to all types of schemes[footnote 2]. It also takes account of recent legislative changes which set new requirements for trustees and managers of occupational pension schemes to establish and operate an effective system of governance including internal controls. The draft Code explains to trustees and scheme managers of private and public sector pension schemes the standards of conduct and practice expected of them when carrying out functions under pensions legislation and will assist them to comply with the legal requirements.

3. Matters of special interest to Parliament

Matters of special interest to the Joint Committee on Statutory Instruments

4.1. The extent of this instrument (that is, the jurisdiction(s) which the instrument forms part of the law of) is the United Kingdom.

4.2. The territorial application of this instrument (that is, where the instrument produces a practical effect) is the United Kingdom.

4.3. The draft Code will also be laid in the Northern Ireland Assembly in accordance with Articles 85 and 86 of the Pensions (Northern Ireland) Order 2005[footnote 3].

5.1. As the instrument is not subject to parliamentary procedure, no statement is required.