The Regulator has issued a statement stating that it expects trustees of occupational defined contribution ("DC") schemes to publish an annual governance statement, which should be easily available to members and employers. The Regulator recommends publishing the statement in the scheme's annual report and accounts or on a scheme website.
The Regulator has published a standardized governance statement, as a guide. This confirms that the scheme is complying with the requirements of the Regulator's DC code of practice and guidance published in November 2013 (in particular, that it exhibits the "quality features" set out by the Regulator). Alternatively, the governance statement should explain why the scheme has adopted a different approach where a quality feature is absent or only partly in place. As an additional tool for trustees, the Regulator has also published a template to enable trustees to assess their scheme against the specified DC quality features.
The Regulator's statement, with links to the various templates, can be viewed by clicking here.