60-SECOND SUMMARY
General Code of Practice – LGPS perspective
23 Jan 2024
Santa delayed his visit down the pension chimney until January!
While we all thought that December was the month for ‘surprising’ presents, it turns out that the month of January is when the Pensions Regulator (TPR) became the Secret Santa for the pensions industry. The expectation that TPR’s General Code of Practice would be unveiled in spring/summer was overturned when it was somewhat surprisingly laid in Parliament on 10 January. With the Code expected to come into effect late March, download our summary for more on:
- what it covers;
- what has changed since the draft Code was released in 2021; and
- what this means for LGPS Funds.
How can we support you and your team?
With such a vast area covered within the General Code, your Hymans team are on hand to deliver training for your fund.
We also recently announced our TPR General Code of Practice compliance checker. This will set out exactly what is expected for each LGPS fund and provide the reporting capabilities for officers to ensure committee and board are aware of the existing and ongoing fund compliance levels.
Following your assessment of existing compliance levels, your Hymans team will be ready with solutions and advice where you feel there are areas of partial or non-compliance and will get you to the governance position you expect of your Fund.
On our recent webinar, we posed LGPS specific questions to TPR’s Policy Lead, Nick Gannon, on his expectations for the General Code and what this will mean for funds. If you missed the webinar, or would like to watch again, you can catch it here on-demand.
If you would like to discuss further, or find out more about our compliance checker, please get in touch.
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