The voluntary code of practice on member inducement exercises has been updated to take account of the new “pension freedoms”. Incentive Exercises for Pensions, an Industry Code of Good Practice was published in June 2012. It sets out standards and expectations for employers where they make offers or inducements to members to change the form of their past service benefits under defined benefit schemes with the aim of reducing the employers’ pension costs. Although updated, the code’s seven principles have not changed. Examples of these principles are that there should be no offer of cash incentives which are payable only on the member’s acceptance of an offer and that communications with members should be fair, clear, unbiased and straightforward.