Those involved in the administration of public sector schemes will be interested to note that the Pensions Regulator (TPR) is to be responsible for setting governance and administration standards in such schemes from 1 April 2015. TPR will have extended regulatory oversight of public sector schemes following an expansion in its role by the Public Service Pensions Act 2013.
As part of its extended role, TPR has published a series of checklists to assist those administering such schemes in assessing the effectiveness of their procedures. The checklists cover internal dispute resolution procedures, how effectively a scheme manages its contributions, and the evaluation of the scheme's internal controls. Key elements are set out in each area of administration and basic guidance is provided, together with a compliance record for completion.
View the checklists.