DC benefits management

How to help clients manage schemes that provide defined contribution (DC) benefits.

Code of practice

Our code of practice sets out the standards we expect trustees to meet when complying with the law. This includes the governing body, investment, administration, communications and reporting requirements.

Code of practice

Guidance

We’ve also produced guidance to help trustee boards meet the standards set out in the code of practice. This includes the following.

The trustee board
Includes guidance on appointing new trustees, role of the trustee chair, board composition and board meetings

Scheme management skills
Includes guidance on training, working with advisers and service providers, conflicts of interest and risk management

Administration
Includes guidance on working with your administrator, core financial transactions, record-keeping and disaster recovery and business continuity planning

Investment governance
Includes guidance on designing investment arrangements (including default arrangements), reviewing investment strategy and performance, and financial and non-financial factors

Value for members
Includes guidance on assessing value for members and restrictions on costs and charges

Communicating and reporting
Includes guidance on engaging with scheme members, providing member communications and preparing a chair’s statement

Governance best practice examples

We have published a number of best practice examples of scheme governance. These represent trustee behaviours we have observed which we believe that trustee boards striving for excellence can learn from.

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