In our October 2014 update, we reported on the DWP's consultation on proposals for improving the governance and regulation of defined contribution pensions (including the introduction of the charge control measures for default arrangements in auto-enrolment schemes). The consultation also included additional governance requirements for "master trusts" which extend to non-associated or industry-wide multi-employer schemes.

The DWP's response to consultation and the new Occupational Pension Schemes (Charges and Governance) Regulations 2015 were published on 4 February 2015. The regulations remain subject to parliamentary approval but are due to come into force (for most purposes) on 6 April 2015.

The outcome of the consultation can be viewed here.

The Pensions Regulator has also published an "essential guide" on the new regulations which gives an overview of the new requirements. The guidance can be viewed here.