Time to take the controls

The Pensions Act 2004 required schemes to have adequate internal control procedures in place. To help trustees, the Pensions Regulator issued a Code of Practice in November 2006 and further guidance in February 2007. However, risk management for pension schemes isn’t new. Even before the Turnbull report in 1999, many trustee boards were considering governance and internal controls. As the standards of governance have risen within companies, we have been seeing those same high standards applied to pension schemes. This article describes some of the issues which trustees are now turning their attention to.

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