Being a pension scheme trustee means you need to keep your members, and the regulator, informed. There are a number of things you need to tell them already, and a number of things that will come into effect over the next few years.

What new things do I have to tell my members, and when?

There are a number of requirements to include new information in annual reports and Statements of Investment Principles, and to distribute this information to members. There is also a requirement to create a new implementation statement. These requirements come into effect in October 2019, October 2020 and October 2021. Not all of the changes apply to all schemes – the exact changes you need to make depends on the type of scheme, and number of members, you have.

The government has produced a fact sheet that explains the changes and the schemes they affect:

Download government Shareholder Rights Directive II Fact Sheet

What things should I be telling my members already?

Rules effective from 6 April 2015 require trustees of ‘relevant’ schemes to meet requirements on governance standards, charge controls and communication about pension flexibilities. If the rules apply to your scheme, you have to:

  • Appoint a chairperson if your scheme does not have one.
  • Produce a chair’s statement and publish it in the scheme’s annual report and accounts, so it’s available to all members.
  • Include in the statement an explanation of how you’ve ensured your scheme meets the new governance standards.
  • Highlight in the statement any areas where standards fall short and what actions you’re taking to remedy this.
  • In your scheme return to The Pensions Regulator (TPR), declare that you’ve produced a chair’s statement.
  • Continue to meet the standards set out in TPR’s Defined Contribution (DC) code of practice.

Where can I find more information about my duties as a trustee?

You can find more information on The Pensions Regulator website

View OPS Audit Requirement

What happens if I don’t make the required changes?

It’s important to understand that, as a Trustee, it’s your responsibility to make sure any requirements that apply to your scheme are implemented properly, and on time. The Pensions Regulator (TPR) can impose fines of between £500 and £2,000 on trustees who don’t comply. You should also make sure you can support any claims in your statements as TPR can request evidence.